S&P affirms Kazakhstan Temir Zholy

Standard & Poor's said it affirmed its BB+ long-term corporate credit rating and kzAA- Kazakhstan national-scale rating on Kazakhstan Temir Zholy.

The ratings were removed from CreditWatch, where they had been placed with negative implications on Oct. 3, following the CreditWatch listing of the Republicof Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3), S&P said.

The outlook is stable.

The affirmation and removal from CreditWatch follow a review of Kazakhstan's links with several GREs, including an assessment of the application of S&P's GRE criteria.

According to the agency, the ratings on Kazakhstan Temir Zholy reflect the company's high reliance on strong government support.

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