Moody’s: Eastcomtrans to negative

Moody's Investors Service said it changed the outlook on Eastcomtrans LLP, Kazakhstan's largest private freight railcar leasing company, to negative from positive.

Concurrently, the agency affirmed Eastcomtrans’ B3 corporate family rating, B3 senior secured rating, B3-PD probability of default rating and national scale corporate family rating of B3.kz.

Moody’s said the action reflects the potential for further deterioration of Eastcomtrans’ financial metrics and liquidity beyond Moody's current projections as a result of unfavorable market developments and the Kazakhstani tenge devaluation.

This could trigger continuous covenant resetting processes, an increase in debt service, and a further weakening in the credit profile, the agency said.

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