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Fitch upgrades KazAgro
Fitch Ratings said it upgraded KazAgro National Management Holding JSC's (KazAgro) long-term foreign- and local-currency issuer default ratings to BBB from BBB-.
The outlook is stable.
The upgrades reflect the sustained shift of the company's funding structure towards state-originated funding, which has led to a reassessment of support rating factors, Fitch said.
The government of Kazakhstan exercises strict control over KazAgro, the agency noted.
Due to a funding structure of state-originated funding, the company refinanced its $961.5 million and €420.4 million of eurobonds with domestic bonds that were sponsored by the State Social Insurance Fund and Unified Pension Fund, Fitch explained.
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