FITCH подтвердило рейтинги компании Казтрансойл на уровне "BB-"/"B",Прогноз долгосрочного рейтинга положительный

/Алматинское бюро REUTERS, Лондон,15.01.02/ - Международное рейтинговое агентство Fitch подтвердило долгосрочный и краткосрочный рейтинги казахской компании Казтрансойл на уровне "BB-" и "B" соответственно, прогноз долгосрочного рейтинга положительный, говорится в сообщении агентства. Ниже следует текст сообщения на английском языке: (The following statement was released by the ratings agency). LONDON, Jan 15 - Fitch, the international rating agency, has affirmed the ratings of NOTC KazTransOil ("KTO") at 'BB- / B'; the long-term rating Outlook is Positive. The Rating Watch Positive that was put in place for the Senior Unsecured rating on 23 July 2001 following the revision of the sovereign foreign currency ratings of Kazakhstan to 'BB' from 'BB-' (BB-minus) has been removed. As part of the review process, Fitch analysts met with the Kazakh government in Astana. In common with other major state enterprises, KTO is the beneficiary of explicit state guarantees on one of its largest investment programmes - the Kenkiyak-Atyrau pipeline. Insofar as the state's ability to intervene to reduce tariffs is the largest single-issue risk facing the company, the question of state support is nonetheless somewhat circular. The nature of State support is more accurately represented in the movement over time to support KazTransOil cash flows by introducing transparent regulation, increasing tariffs and reducing substantially the state dividend requirements for a prolonged period. All of these measures have significantly improved the stand-alone position of KTO. The strategic significance of the national oil pipeline network for Kazakhstan's economy notwithstanding, in the absence of written undertakings of support from the Kazakh government, the ratings currently reflect the stand-alone profile of the company. The company's ratings thus reflect modest leverage and the favourable tariff environment, as well as the company's monopoly position within a core element of the country's energy sector. The ratings also incorporate the brevity of the regulatory system's track record; high levels of systemic obsolescence within the existing networks; and, to a modest extent, the competitive threat posed by the new export pipeline for high quality crude. Improvement in the domestic economy, as indicated by the recent upgrade of the sovereign foreign currency ratings, have helped KazTransOil's major customers (including Kazakhoil). The continued health of the Kazakh economy will tend to support the maintenance of economic transportation tariffs - an established track record of profitable tariff enforcement will be the key to an eventual upgrade. Given the increased likelihood of this following the recent sovereign upgrade, a Positive Outlook is in place, indicating likely rating action within a one- to two- year time horizon.