Fitch launches national ratings in Kazakhstan

Fitch Ratings said it launched a national ratings scale in Kazakhstan and assigned a national rating of A+(kaz) with a stable outlook to JSC Astana Finance, which has a local-currency issuer default rating of BB+, short-term foreign-currency rating of B, individual rating of D/E and support rating of 3 and a stable outlook.

The agency said its decision to introduce the national ratings scale is driven by the rapid development of the domestic corporate bond market and by the consequent demand for this product from the issuers and investors.

The ratings reflect Fitch's opinion that there is a moderate likelihood that support would be made available to Astana Finance from the municipality of Astana or potentially the Kazakhstani sovereign, should support be required.

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