Fitch ups Kazakhstan Mortgage

Fitch Ratings said it upgraded Kazakhstan Mortgage Co.'s long-term foreign currency rating to BB+ from BB and its long-term local currency rating BBB- from BB+.

The short-term foreign currency rating has been affirmed at B. The outlooks on the long-term ratings are stable.

The agency said the upgrade also applies to the company's outstanding bonds totaling KZT 66.1 billion.

Fitch said the rating actions reflect an improvement in the sovereign's ability to provide support to Kazakhstan Mortgage and follow the upgrade of Kazakhstan's long-term foreign currency issuer default and long-term local currency issuer default ratings.

The agency said the ratings reflect the company's ownership by the government, its strategic importance in the area of social housing and Fitch's expectations of government support in the form of a moderate capital injection in the company budgeted by the national government for 2013 to 2015.

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