Fitch downgrades four Kazakhstan companies

Fitch Ratings said it downgraded Sovereign Wealth Fund Samruk-Kazyna JSC’s and JSC National Management Holding Baiterek’s long-term foreign-currency issuer default ratings to BBB from BBB+.

Fitch also said it downgraded KazAgro National Management Holding JSC’s and Kazakhstan Mortgage Co.'s long-term foreign-currency issuer default ratings to BBB- from BBB.

The downgrades follow the recent downgrade of Kazakhstan's long-term foreign-currency issuer default rating to BBB from BBB+, Fitch explained.

Fitch said it uses a top-down approach to these public entities and views them as being credit-linked to the sovereign.

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