▲ Up
 
01:15 29-08-2015
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
S&P affirms Kazakhstan-based ENRC 'BB' ratings, outlook negative

Bishkek (AKIpress) - 53495709a06ea8310ce719826d7bbdd9 Standard & Poor's Ratings Services affirmed its 'B' long-term and 'B' short-term corporate credit ratings of Eurasian Natural Resources Corporation Ltd (ENRC), a Kazakhstan-based mining group, outlook is negative, S&P reported on May 14.

ENRC completed its leveraged buyout and delisted from the London Stock Exchange and Kazakh Stock Exchange in the fourth quarter of 2013. As a result of this buyout, ENRC's adjusted total debt has increased substantially to about $8 billion as of December 31, 2013.

The debt increase is largely related to a $1.7 billion acquisition financing that the company received from Russian state-owned VTB bank. VTB and Sberbank are the lenders of the bulk of ENRC's debt.

"We continue to view ENRC's liquidity as "less than adequate," given the high debt maturities from the fourth quarter of 2015. We also view ENRC's access to funding as constrained by risks related to an ongoing Serious Fraud Office investigation," the agency said.

The negative outlook reflects the probability of a downgrade over the next six months if management is not able to address ENRC's currently high leverage. This will depend on new information the agency expects to receive from management over the next three to six months regarding ENRC's debt-reduction strategy.

Any perceived weakening of bank support from Sberbank or VTB would also result in rating downside.

S&P might also lower the rating if the final audited IFRS-based report for fiscal-year 2013 includes material credit-negative factors that are as yet undisclosed.

In December 2013, S&P affirmed its 'BBB+/A-2' long- and short-term foreign and local currency sovereign credit ratings on Kazakhstan. The outlook is stable.

Also, the agency has affirmed its 'BBB-' long-term corporate credit rating on Kazakhstan's National Oil and Gas Company KazMunaiGas (KMG), and the outlook is stable.

S&P has affirmed its 'BB+' long-term corporate credit ratings on Kazakh gas utility company KazTransGas (KTG) and its 100-percent owned gas pipeline operator Intergas Central Asia JSC (ICA), and the outlook on both companies is stable.


Twitterfacebookprint
16:55 14.05.2014
LATEST NEWS
18:08 Scientists discover bigger version of Great Barrier Reef17:48 CIS commission on peaceful use of atomic energy to meet in November 201517:35 Greece names new prime minister17:23 Kyrgyzstan reduces trade with Uzbekistan almost two times17:15 Khan Bank of Mongolia signs cooperation agreement with Hungarian National Trading House17:09 Washington welcomes agreement to establish uranium bank in Kazakhstan16:49 U.S. Assistant Secretary of State for International Security and Nonproliferation still in Kazakhstan16:46 Kyrgyzstan to launch Kambar-Ata-2 HPP at full capacity with operationalization of Datka-Kemin power transmission line16:35 Mongolia delivers humanitarian aid to Myanmar16:32 Student dies falling from 19th floor of Twin Towers in Dushanbe16:01 Facebook hits 1 billion users in a single day15:58 Presidents of Turkmenistan and Afghanistan sign number of agreements on cooperation15:53 Biometric voter identification guarantees transparent and open elections – OSCE Secretary General15:38 Constitutional principle in Kazakhstan to be gradually supplemented by social support measures – Nazarbayev15:26 Asian shares extend global rally after upbeat U.S. economic data calm sentiment15:24 Gazprom Management Committee Chairman to visit Bishkek15:23 Foreign Minister: Kazakhstan encourages civilian nuclear energy with security in mind15:18 Lenin Peak being cleaned from trash remaining since collapse of Soviet Union15:18 Experts from Uzbekistan and Kyrgyzstan discuss border issues14:59 Overhead power transmission line from Batken to Tajikistan to be built under CASA-1000 Project
Astana
° C
Ashgabat
° C
Bishkek
° C
Dushanbe
° C
Tashkent
° C
exchange rates
 
74.47
66.00
9.96
0.98
272.78
241.76
37.75
3.59
6.85
6.26
1.01
0.12
2710.18
2512.73
405.44
50.01
3.95
3.50
0.55
0.05

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75