Fitch puts KazAgro on negative watch

Fitch Ratings said it placed KazAgro National Management Holding JSC's long-term foreign currency issuer default rating of BBB and long-term local currency issuer default rating of BBB+ on Rating Watch Negative.

KazAgro's short-term foreign currency issuer default rating was affirmed at F3.

The agency also placed the BBB long-term foreign currency rating of KazAgro's senior unsecured $1 billion Eurobond issue due 2023 (ISIN: XS0934609016) on negative watch.

Fitch said the watch reflects its view that KazAgro may increase the proportion of funding it obtains from the markets. In April 2013, Fitch signaled that if more than 50% of funding was raised from the market, KazAgro's rating would be downgraded. The agency said it considers that KazAgro may raise supplementary foreign currency debt in 2014 in addition to the existing $1 billion Eurobonds issued in May 2013.

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