05.06.01 00:00
/Московское бюро REUTERS, Лондон, 05.06.01/ - Международное рейтинговое агентство Standard & Poor's присвоило долгосрочные корпоративные кредитные рейтинги "ВВ" для заимствований в местной и иностранной валюте казахской компании Казтрансойл. Прогноз рейтинга - стабильный. В сообщении агентства говорится, что рейтинг Казтрансойл, которая на 100 процентов принадлежит государству, отражает статус компании как оператора большинства нефтепроводов Казахстана и ее роль в развитии быстро растущей нефтяной отрасли страны. Рейтинг также отражает устойчивое финансовое положение компании. Ниже приводится полный текст сообщения агентства на английском языке: (The following statement was released by the rating agency) LONDON, June 5 - Standard & Poor's today assigned its double-'B' long-term local and foreign currency corporate credit ratings to Kazakhstan-based oil transportation company KazTransOil (KTO). The outlook is stable. The ratings on KTO, a 100% state-owned entity, reflect its status as the operator of the majority of Kazakhstan's oil pipeline infrastructure and its important role in the development of the country's growing oil reserves. The ratings are strengthened by the company's robust financial profile, reflecting the supportive nature of the Government's regulatory environment toward KTO. Despite such support, however, the ratings may vary independently from the Sovereign ratings of the Republic of Kazakhstan (local currency: BB+/Stable/B; foreign currency: BB/Stable/B). The ratings are offset at this level by KTO's exposure to Kazakhstan's oil production profile, the financial health of producers in Kazakhstan, and its dependence on neighboring Russia for pipeline access to export markets. International crude oil prices and Russia's political risks are, therefore, key rating determinants, over which KTO has no control. The rating also reflects KTO's diminishing role in the export of Kazakhstan's crude oil production, following final launch of the Caspian Pipeline Consortium (CPC) project later in the year. However, despite a forecast cut in tariffs from September 2001, Standard & Poor's expects that the financial impact of the increased export route competition on KTO will be limited, with strong domestic transportation volume growth offsetting export volume reduction. KTO's financial performance is inseparably linked with that of the Kazakhstan economy, with strong revenues at the time of high crude prices and vice versa. The profitability of the company is dependent on the ability of the regulated tariff structure to pass through costs and to provide a return on operational assets. The rating assumes that KTO will continue to maintain a strong balance sheet over the next five years, with total debt to total capitalization not rising above 20%. KTO's aging pipeline network, however, is in need of refurbishment costing up to $300 million over the next five years, which KTO intends to fund in part through a bond issue in the international capital markets. Despite the associated increase in interest expense, Standard & Poor's expects cash flow interest coverage to remain above a strong 7.5 times over the same period. KTO is expected to become one of five wholly-owned subsidiaries of a newly created holding company- -the National Company of Transportation of Oil and Gas--by mid-2001. The rating assumes that KTO's financial position will not be weakened by the other subsidiaries in the consolidated group. OUTLOOK: STABLE The outlook reflects Standard & Poor's expectations that KTO will offset increasing competition from the Caspian Pipeline Company (CPC) project and from lower tariffs through the transportation of larger volumes of oil. The rating will come under pressure at this level if the company is unable to maintain a strong financial profile, Standard & Poor's said.