Moody's повысило долгосрочный рейтинг Казахстан Темир Жолы до "Ва2"

/REUTERS, 14.08.01/ - Рейтинговое агентство Moody's повысило долгосрочный рейтинг эмитента, присвоенный национальной железнодорожной компании Казахстана - Казахстан Темир Жолы - до "Ва2" с "В1", прогноз рейтинга - стабильный, говорится в сообщении агентства. Повышение рейтинга последовало за аналогичным повышением рейтинга валютных заимствований Республики Казахстан. Рейтинг компании отражает высокую степень экономической зависимости Казахстана от системы железнодорожных перевозок, а также ее государственный статус, который вряд ли будет изменен. Поэтому рейтинг Казахстан Темир Жолы напрямую связан с рейтингом страны. Ниже следует оригинал сообщения на английском языке: LONDON, Aug 14 - Moody's Investor's Service today raised to Ba2 from B1 the long-term issuer rating of Kazakhstan Temir Zholy ("KTZ"), the national railway company of the Republic of Kazakhstan. The action reflects the upgrade to Ba2 from B1 of the country ceiling for foreign currency debt for the Republic of Kazakhstan. The outlook for the rating is stable in view of the regulated tariff regime aimed at covering KTZ's full cost as well as ensuring profits. The action concludes the review for possible upgrade which was initiated on March 13, 2001. The rating for KTZ is based on the critical economic dependence of the Republic of Kazakhstan on the railway system and the 100% ownership of KTZ by the government, which is expected to continue. Therefore, the rating is strongly related to the sovereign rating of the Republic. Moody's notes that while the rating is related to the foreign currency ceiling it is not explicitly linked to it. However, any material strengthening of the credit quality of the Republic of Kazakhstan is expected to be positive for the rating of KTZ. In June 2001, the government approved a restructuring plan for KTZ under which the passenger and freight operations will be divested into separate government owned entities. While the plan is designed to introduce competition and eventually to privatise the freight operating company, KTZ will remain the monopoly owner of the infrastructure deriving access fees and the locomotives, which will be leased to the freight and passenger operating companies. Moody's notes that so far the freight operations have been the primary source of cash flow for KTZ. However, according to the plan, the company will continue to benefit from a regulated tariff system, which ensures that the fees to be paid by the freight operators for track access and locomotive leases will cover all costs at KTZ including debt interest as well as provide profits for the company. The challenge for KTZ will be to stay profitable and to generate sufficient cash flows if elements of a more market driven price mechanism were introduced in the current system of tariff setting. At this stage, there are no indications of such a change being contemplated by the government. Kazakhstan Temir Zholy, headquartered in Astana City, is the national railway company of the Republic of Kazakhstan. The company serves more than 70% of the country's total freight transportation. In 2000, the company had total revenues of app. $867 million and recorded a net profit of $91 million.