Moody's присвоило рейтинг «Baa2» АО «Разведка Добыча «КазМунайГаз» (Казахстан)
/REUTERS, Москва, 27.12.07/ - Международное рейтинговое агентство Moody's присвоило рейтинг заемщика "Baa2" нефтегазовой компании Казмунайгаз Разведка и Добыча (Казахстан), прогноз позитивный, говорится в сообщении агентства.
Казмунайгаз РД, 61 процентом акций которого владеет госкомпания Казмунайгаз, оценивалась по методологии Moody's для связанных с государством заемщиков (GRIs).
Рейтинг отражает недавние приобретения Казмунайгазом РД компаний Казгермунай и CITIC, которые позволили ей увеличить резервы.
Ниже приводится оригинальный текст сообщения агентства Moody's на английском языке.
MOODY'S ASSIGNS BAA2 RATING TO JSC KAZMUNAIGAS EXPLORATION PRODUCTION; OUTLOOK STABLE
Moscow, December 27, 2007 - Moody's Investors Service today assigned a Baa2 Issuer Rating to JSC KazMunaiGas Exploration Production ("KMG EP"). The outlook on the rating is stable.
KMG EP is the second largest oil producer in Kazakhstan and has during 2007 completed the acquisition of a 50% equity participation in two medium- sized E&P players in Kazakhstan - JV Kazgermunai LLP and CITIC Canada Energy Limited (Karazhanbas field) - for USD 969 million and USD 932 million respectively. The two acquisitions combined are expected to add approximately 285 million boe SPE reserves and 20 million boe of annual production, based on 2006 data.
KMG EP is 61% owned by JSC KazMunayGas NC ("NC KMG"; rated Baa1, Stable), the national oil and gas company wholly owned by the Government of the Republic of Kazakhstan through JSC Kazakhstan Holding Company Samruk (not rated), created to manage the state assets.
Moody's rates KMG EP in accordance with its rating methodology for Government-Related Issuers (GRIs). Thus the foreign currency issuer ratings of KMG EP reflect the combination of the following inputs:
- A baseline credit assessment of 12 (on a scale of 1 to 21 and equivalent to a Ba2 rating)
- The Baa1 local currency rating of the Government of Kazakhstan
- Medium dependence
- High support
The Medium dependence reflects, on the one hand, the substantial share of export revenues generated by the company which significantly de-links its financial performance from that of Kazakhstan, and, on the other hand, the company's importance for the state through its contributions to the state budget and social importance (as 15 Kazakh pension funds hold sizable stakes in the company).
High support reflects KMG EP's strategic importance to the state and its main shareholder, particularly evidenced by the company's right of first refusal with respect to the acquisition of existing onshore oil and gas assets, access to new acreage and guaranteed access to pipeline infrastructure. It also factors in the interventionist history of the government and the importance of energy export revenues to the economy of Kazakhstan.
Moody's rates KMG EP's baseline credit assessment ("BCA") in accordance with its Global Rating Methodology for the Independent Exploration and Production Oil & Gas Industry.
KMG EP's BCA of 12 reflects (i) the company's significant scale associated with its reserve and production base, (ii) its good operating and capital efficiency due to its relatively low historic F&D cost and (iii) strong leverage and cash flow metrics driven by the low level of debt in the company's capitalisation structure and high level of cash reserves accumulated as a result of the IPO completed in 2006. The BCA also benefits from the support of the company's main shareholder, NC KMG and the preferential rights it has in respect to the acquisition of existing producing assets and unlicensed acreage in Kazakhstan, as well as secured access to export transportation routes.
KMG EP's rating is constrained by both fundamental risk factors such as field and production concentration and geopolitical risks, as well as limited organic growth prospects given that nearly all of the company's proved reserves are developed and the company is primarily reliant on acquisitions to grow its production and reserves at least in the medium term. Another factor constraining the rating is the short history of the company in its current shape and its limited experience in integration of material acquisitions - which appears to be the core element of its development strategy.
The stable rating outlook is based on Moody's expectation that the company will continue to deliver on its development strategy, as stated at the time of the IPO, and production targets. To maintain the current rating, Moody's expects the company to continue to produce growing positive free cash flow, thereby implying that its growth-sustaining capital investments and dividends can be funded from internal cash flow generation, while building up gradual cash balances. Moody's also assumes that KMG EP will continue to implement its acquisition strategy as planned and will do so in the most cost- efficient manner.
JSC KazMunaiGas Exploration Production ("KMG EP") is Kazakhstan's second largest oil exploration and development company headquartered in Astana. The company extracts hydrocarbon resources from 44 oil and gas fields located in Western Kazakhstan and is also engaged in onshore exploration activities in the adjacent areas. At the end of 2006, KMG EP's proved reserves amounted to 683 million barrels of oil and gas under SPE- LOL standards and its average production in 2006 was 192,000 barrel of oil per day (boepd). In 2006, KMG EP reported sales volumes of 9.5 million tons (mt) of oil, over 70% of which was exported. Total revenues in 2006 amounted to KZT412 billion (USD3.3 billion).
London Stuart Lawton Managing Director Corporate Finance Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454
Moscow Victoria Maisuradze Vice President - Senior Analyst Corporate Finance Group Moody's Eastern Europe Telephone: +7 495 641-1881 Facsimile: +7 495 641-1897
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