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Rating Action:

Moody's confirms Baa3.kz NSR of Kazakhstan Engineering, negative outlook

11 May 2016

London, 11 May 2016 -- Moody's has today confirmed the Baa3.kz national scale corporate family rating (NSR) of JSC NC Kazakhstan Engineering (KE), a state-controlled Kazakhstan defence company. The outlook on the rating is negative.

Today's rating action concludes KE's NSR review initiated by Moody's on 26 April 2016 and follows the recalibration of the Kazakh national rating scale.

NSRs, which provide a measure of relative creditworthiness within a single country, are derived from global scale ratings (GSRs) using country-specific maps. The adoption of a revised correspondence between Moody's GSRs and the Kazakh national scale follows the publication of Moody's updated methodology "Mapping National Scale Ratings from Global Scale Ratings"

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189032

For more information, please see "Moody's publishes updated methodology for national scale ratings"

https://www.moodys.com/research/--PR_348579.

With approximately 25 fundamental issuers in Kazakhstan rated by Moody's, the new map has been designed using the standard approach, whereby the map design is selected from a set of standard maps based upon the anchor point, or the lowest GSR that can map to a Aaa.kz. Per the standard approach, Kazakhstan's anchor point is being lowered to Baa3, which is equal to the sovereign bond rating, from the previous level of Baa1. All GSRs from Baa3 to Caa2 will map to two ratings on the national scale. As a result of these changes, GSRs of Caa2 and above will correspond to higher NSRs on the Kazakh scale than they did previously.

Consequently, most Kazakh issuer's primary long-term NSRs are being repositioned 2 to 3 notches higher. Certain other NSRs may be affected for these and other issuers as well. The repositioned NSRs of individual issuers do not signify a change in credit risk, since the GSRs for these issuers remain unchanged. As a result of the recalibration, the level of risk associated with a particular Kazakh NSR level (e.g. Baa2.kz) has changed in many cases. NSRs have no inherent absolute meaning in terms of default risk or expected loss; they are ordinal rankings of creditworthiness relative to other domestic issuers within a given country. A historical probability of default and/or expected loss consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. However, both the probability of default and the expected loss of an NSR may change if and when a country's national scale is remapped.

RATINGS RATIONALE

NSRs are assigned by applying the published correspondence from GSRs. Where a single GSR maps to multiple NSRs, rating committees assigned higher or lower NSRs to individual issuers and debts depending on their relative credit position within the same GSR category, using the same methodologies as were used to determine the GSRs themselves.

The confirmation of KE's Baa3.kz NSR is driven by KE's B1 GSR and the negative outlook on the latter. KE's GSR maps to Baa2.kz-Baa3.kz, while the negative outlook on the GSR prompts the Baa3.kz NSR and the negative outlook on the NSR. The rationale for KE's GSR and its negative outlook is detailed in Moody's press release dated 26 April 2016.

WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

KE's NSR would face upward or downward pressure if its corresponding GSR is upgraded or downgraded, unless this is in conjunction with a sovereign rating action that results in another recalibration of the Kazakh national scale with an offsetting impact on the NSR. In addition, KE's NSR may be repositioned upwards (downwards) if Kazakhstan's sovereign is downgraded (upgraded) and the map is revised accordingly, but the corresponding GSR has not changed as a result of the sovereign action. Because of the higher granularity of national scales, KE's NSR may also face pressure due to changes in the company's creditworthiness that are not sufficient to cause a change in KE's corresponding GSR, measured using the same methodologies used to determine the GSR.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Aerospace and Defense Industry published in April 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530

JSC NC Kazakhstan Engineering (KE) is a state-controlled holding company consolidating the machinery building and engineering enterprises in Kazakhstan, which primarily service the domestic defence sector. In the last twelve months to June 2015, KE generated revenue of KZT35.2 billion (around $191.6 million) and had adjusted EBIT of KZT5.4 billion (around $29.0 million).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ekaterina Botvinova
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Victoria Maisuradze
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's confirms Baa3.kz NSR of Kazakhstan Engineering, negative outlook
No Related Data.
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