Azerbaijan, Baku, Nov. 29 / Trend E. Kosolapova/
Fitch Ratings has assigned Kazakhstan-based Samruk-Energy's proposed notes an expected foreign currency senior unsecured rating of 'BBB-'(EXP). The Outlook is Stable.
Long-term local currency Issuer Default Rating of Samruk-Energy's proposed notes affirmed at 'BBB+' with Stable Outlook.
Short-term foreign currency IDR affirmed at 'F3' and Long-term National rating at 'AAA(kaz)', with Stable Outlook.
The final rating on the proposed notes is contingent upon the receipt of final documentation conforming materially to information already received and details regarding the coupon, amount and tenor.
Fitch has notched down the expected foreign currency senior unsecured rating by one notch from Samruk-Energy's Long-term foreign currency Issuer Default Rating of 'BBB' due to the structural and contractual subordination in the group's debt structure. Secured and prior-ranking debt at the operating company level constituted 61 percent of group debt (based on IFRS accounts' treatment of shareholder loans) and materially exceeded 2x group EBITDA at end-2011. Future senior unsecured debt raised at the Samruk-Energy holding company level is expected to be subordinated to other prior-ranking creditors within the group.