JSC National Atomic Co. Kazatomprom Ratings of JSC National Atomic Co "Kazatomprom" (1504L)
27 Juillet 2011 - 10:43AM
UK Regulatory
TIDM94DU TIDM94DV
RNS Number : 1504L
JSC National Atomic Co. Kazatomprom
27 July 2011
Joint Stock Company "National Atomic Company "Kazatomprom"
Press release on the ratings of JSC "National Atomic Company
"Kazatomprom" (Kazatomprom)
Astana, 26 July, 2011. On July 21, 2011 Fitch Ratings ("Fitch")
confirmed the long-term rating default of the issuer Kazatomprom in
a foreign currency at the level of 'BBB-' and revised its outlook
from "Stable" to "Negative". As noted by Fitch, the reason of
rating revision was the increase in the overall leverage of
Kazatomprom.
Recall that in May 2010 Kazatomprom issued a five-year 500
million U.S. dollars Eurobonds, which had a significant impact on
the growth of the financial indebtedness of the Kazatomprom as a
whole.
Despite the relatively high level of leverage, operating
activities of Kazatomprom is carried out at own funds. Borrowed
funds are raised primarily to finance projects under the investment
program.
At the same time, except major investment projects realizable
within the framework of strategic objectives to build a full
nuclear fuel cycle in Kazakhstan, Kazatomprom has launched new
investment areas, such as projects to develop alternative sources
of energy production: the production of photovoltaic modules on the
basis of Kazakhstani silicon (solar energy), production of
vertical-axis wind power stations (wind power), the production of
heat pump units (thermal energy).
Within the study of questions on product portfolio
diversification, Kazatomprom is now successfully implementing
several projects aimed to become one of the major players on the
world market of rare-metal and rare-earth products. Development and
production of rare-earth metals is also a new direction for the
company, with the main purpose to create in Kazakhstan an entirely
different type of high-tech knowledge-intensive production of the
final processing, which will give impetus to the development of
national science, industry and training.
In addition, in order to ensure core business needs in chemical
reagents the company develops projects independently or in
conjunction with private companies producing a wide range of
chemicals - sulfuric acid, caustic soda, hydrogen peroxide, resins
and reagents for producing potable water, etc.
An integral part of the investment program of Kazatomprom is the
realization of social projects aimed to reconstruct and develop
social infrastructure in remote regions of the country. This
includes training, health, development and support of small and
medium business, culture, sports and landscaping. The realization
of social programs is carried out at Kazatomprom's own funds.
Taking into account the strategic plans and the pace of
development, the management of Kazatomprom believes that the
company has sufficient capacity for decision of all financial
matters related to development.
KAZATOMPROM is a national operator of the Republic of Kazakhstan
for import and export of uranium and its compounds, rare metals,
nuclear fuel for nuclear power plants, special equipment,
technologies and dual-use materials. The Company's main activities
include geological exploration, uranium production, output of
nuclear fuel cycle products, construction of reactors and nuclear
power plants, non-ferrous metallurgy and production of construction
materials, power industry, science, social welfare and personnel
training. At present, over 23,000 people are employed by the
Company. Kazatomprom is one of the top uranium world producers.
www.kazatomprom.kz
For additional information please contact:
Meirzhan Yussupov
Head of Treasury
el:. +7 7172 55 12 37
Fax: +7 7172 55 13 99
e-mail: myussupov@kazatomprom.kz
Meruyert Bekturganova
Treasury
el:. +7 7172 55 12 37 Fax: +7 7172 55 13 99
e-mail: mbekturganova@kazatomprom.kz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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