Fitch upgrades KazAgroFinance

Fitch Ratings said it upgraded Kazakhstan's KazAgroFinance's long-term foreign- and local-currency issuer default ratings to BBB- from BB+.

“The upgrade reflects KAF's consolidated position and greater support from the state for its main product line, leasing of agricultural machines in Kazakhstan. Fitch has reassessed the support track record key rating factor due to KAF's strong position in the national framework of development institutions as a key provider of leasing solutions to national agribusinesses,” the agency said in a press release.

The outlook is stable.

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