S&P turns KTZ outlook to negative

S&P said it lowered its outlook for Kazakhstan Temir Zholy to negative from stable and affirmed the BB issuer and senior unsecured debt ratings. The agency also affirmed the kzA+ national scale rating.

The outlook change follows the Sept. 2 revision of Kazakhstan’s outlook to negative from stable and affirmation of its ratings, because of the close links between the government and the issuer, S&P said. KTZ is owned by the government through its sovereign wealth fund.

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