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  • Standard & Poor's Upgraded Air Astana JSC Corporate Governance Rating

    26 Aug 2010

    Following an audit of Air Astana JSC in 2010 held by Standard & Poor's, the international agency raised the level of corporate governance rating of the national air carrier of Kazakhstan to GAMMA 6. In 2009, corporate governance of the airline was rated at level 5 +. Presently, S & P's rating assigned to Air Astana JSC, is the highest rating in Kazakhstan. A similar ranking was previously awarded to one of the oil companies in Kazakhstan, whose shares are listed on international stock market.

    “Air Astana’s rating improvement in comparison with 2009 is proof of the effectiveness of the company's management, its sustainable development, transparency and accountability to stakeholders. Despite the global economic crisis of the years 2008-2009, the airline has maintained its financial stability and continued its development in accordance with the strategic plan. Recognition of the airline as one of the fastest growing in the world, according to the International Air Transport Association (IATA), as well as being one of the best airlines in Eastern Europe according to the annual Skytrax World Airline Awards in 2010, is a well-deserved assessment of the airline, which occupies a leading position in the CIS on the set of indicators, ranging from the quality of service, ending with safety standards,” commented Peter Foster, President of Air Astana JSC.

    Air Astana JSC is a joint venture of Samruk Kazyna JSC, National Welfare Fund and BAE Systems PLC, the British company, with a stake of 51% and 49% respectively. Currently, Air Astana fleet consists of 22 aircrafts, Boeing 767-300, Boeing 757-200, Airbus A321/A320/A319 and Fokker F50. Airline plans to purchase Embraer-190 aircraft in operating lease. Already in 2011, two Embraer-190 aircraft will serve domestic and regional routes in Central Asia and the CIS. In long-term Air Astana plans to purchase its own aircraft. The national air carrier signed a contract with Airbus, world's leading aircraft manufacture concern to purchase 6 Airbus A320 aircraft, delivery of which will begin in 2012.

    Reference:   GAMMA rating (Governance, Accountability, Management Metrics & Analysis - analysis and assessment of corporate governance, accountability and management) reflects the views of Standard & Poor's on the relative pros and cons of corporate governance practices of a company from the standpoint of protecting the interests of investors. The evaluation methodology is based on international codes, guidelines and recommendations on best practices of corporate governance.