MOODY'S ПРИСВОИЛО АСТАНЕ РЕЙТИНГИ ЭМИТЕНТА В ИНОСТРАННОЙ И МЕСТНОЙ ВАЛЮТЕ "ВА3", ПРОГНОЗ СТАБИЛЬНЫЙ

/REUTERS, Москва, 18.10.01/ - Международное рейтинговое агентство Moody's присвоило Астане рейтинги эмитента обязательств, номинированных в иностранной и местной валюте, на уровне "Ва3", говорится в сообщении агентства. Прогноз рейтингов стабильный. Moody's сообщает, что решение о присвоении рейтингов связано с приоритетом, который отдается развитию Астаны как новой столицы президентом Казахстана Нурсултаном Назарбаевым, а также небольшим размером долгов города. Однако, рейтинги также учитывают недостаточную развитость местной экономики, частые изменения в структуре доходов Астаны, а также недостаточную гибкость доходной части городского бюджета. Ниже следует текст сообщения агентства на английском языке: (The following statement was released by the rating agency) LONDON, Oct 18 - Moody's Investors Service has assigned Ba3 foreign currency and Ba3 domestic currency issuer ratings to the City of Astana (stable outlook). Moody's said that the ratings reflect the priority given to Astana's development by the President and Government of Kazakhstan, the City's low debt levels, and the high level of central government oversight of local governments. However, the ratings also take into account the limited depth of the local economy, the frequent changes in the City's revenue structure and the low level of revenue flexibility. The City of Astana (previously called Tselinograd until 1992 and Akmola until 1998) became the capital of Kazakhstan in October 1997. Its infrastructure has benefited from public and private investments of approximately USD 1 billion between 1997 and 2000, and a new development plan up to 2005 ratified by the President is based on further investments of USD 3.2 billion. Moody's said that the City has been able to keep a higher proportion of tax revenues than other regions in order to fund Astana's development as the capital of Kazakhstan. The City's tax base was also boosted in 1999 by the inclusion of tax revenues from 6 national companies. These additional tax revenues and the transfers the City receives from central government have been directed to investment in the City's infrastructure, which makes up around half of the City's total budget. Astana's new status as the capital city led to a large increase in the population between 1997 and 2001, and consequently the City's social expenditure priorities have been schools, housing and hospitals. This side of the budget is funded from the local tax base, which is quite limited. There has been, however, a promising growth in small and medium-sized enterprises. The City currently has a low level of outstanding debt. It has plans to raise 1.9 billion Tenge through 2 domestic bond issues which would increase outstanding debt to 10% of revenues, which Moody's considers a manageable level of debt for the City. The rating agency noted that the Kazakh local government system provides a high level of central government oversight and controls, but also allows the regions little revenue flexibility as tax rates are decided by central government. Moody's believes the current local government framework, which has been developed over the last couple of years, has created a more stable operating environment for regions overall, but that a stable revenue structure going forwards will be an important credit rating factor for the City. The City of Astana is situated in northern Kazakhstan and has a population of 490,000. ((London Capital Markets +44-20-7542 7658 fax +44-020-7542 5285, denise.manning@reuters.com)).