MOODY'S ПОНИЗИЛО РЕЙТИНГ ЗАО "ННК "КАЗАХОЙЛ" ДО "ВА3" С "ВА2"

/ИРБИС, 31.10.01/ - Международное рейтинговое агентство Moody's Investors Service, Inc (Moody's, Нью-Йорк) 30 октября 2001 года опубликовало сообщение, в котором говорится о понижении рейтинга эмитента ЗАО "ННК "КАЗАХОЙЛ" (Астана; нефтедобыча и сопутствующие работы) до "Ва3" с "Ва2". Прогноз рейтинга "стабильный". В качестве основной причины понижения рейтинга указывается изъятие правительством Казахстана у ЗАО "ННК "КАЗАХОЙЛ" 20%-го пакета Тенгизшевройл. Moody's сообщает, что снижение рейтинга отражает значительное сокращение запасов, отныне доступных компании, и падение объемов производства, к которому привело изъятие госпакета. Агентство также считает, что данное событие негативно повлияет на перспективы развития компании и потенциально ослабит долгосрочное значение ЗАО "ННК "КАЗАХОЙЛ" для Казахстана. Ниже приводится полный текст сообщения на английском языке, опубликованный на официальном веб-сайте Moody's. MOODY'S LOWERS KAZAKHOIL'S ISSUER RATING TO Ba3 London, 30 October 2001 - Moody's Investors Service today lowered the issuer rating of Kazakhoil National Oil & Gas Company ("Kazakhoil") from Ba2 to Ba3. This action concludes the rating review initiated on 24th August 2001 following the announcement that the Kazakh Government would transfer Kazakhoil's 20% stake in the TengizChevroil project (TCO) from the company without consideration. Moody's said the downgrade reflects the significant loss of reserves and production that the transfer constitutes, the impact it will have on the future development of the company and the potential weakening of Kazakhoil's long-term importance to the Kazakh state. The transfer of Kazakhoil's remaining 20% interest in TCO (the other 5% was removed without consideration earlier in the year) took away some 45% of the company's total assets and reduced its pro forma EBIT by 55%, although in practical terms no cash benefit accrued to Kazakhoil from this lost profit. On a pro forma basis Kazakhoil's hydrocarbon production was cut from 127 million barrels of oil equivalent (boe) to just 50 million boe, a differential which will be even more marked in this year's production as TCO production levels ramp up. While it was Kazakhoil that requested the transfer, as it felt it was gaining no economic value from the stake in TCO due to the Government taking TCO-linked payments out of the company and with the prospect of significant cash calls from the other partners, Moody's believes that this move is a material setback to Kazakhoil's development and may lessen its long-term importance to the state. It could also accelerate the possibility of a future partial privatisation of the company, although it may be several years before (and if at all) Kazakhoil is privatised, Moody's added. In the interim, Kazakhoil will continue to rebuild its production levels, and there will likely be other opportunities for the company to participate in projects on the state's behalf, particularly on the Caspian shelf, through which the company's development could permit some positive rating action depending on its ongoing operational and financial relationship with the Government. Kazakhoil benefited from high oil prices in 2000 and this year with resultant improvements in interest coverages and other financial measurements. While the return of TCO to the Government will also reduce Kazakhoil's debt burden materially, Moody's expects that its debt protection ratios will decline from current elevated levels as the company raises debt to fund significant upstream development, upgrade its Atyrau refinery, and build out further infrastructure. The rating outlook stable. Kazakhoil, headquartered in Astana, Kazakhstan, is the state-owned oil and gas company of Kazakhstan. Its activities include exploration and production, refining, transportation, marketing, and the export of crude oil, refined product and gas. London London Stuart Lawton Jeremy Hawes Managing Director Senior Vice President Corporate Finance Group Corporate Finance Group Moody's Investors Service Ltd. Moody's Investors Service Ltd. 44 20 7772 5454 44 20 7772 5454