Fitch lowers Kazakhstan Temir Zholy outlook to negative

Fitch Ratings said it changed the outlook for Kazakhstan Temir Zholy's long-term foreign currency issuer default rating to negative from stable.

In addition, Fitch said it has affirmed Kazakhstan Temir Zholy's long-term foreign currency issuer default rating and senior unsecured ratings at BBB.

The change in outlook results from the change in the Republic of Kazakhstan's long-term foreign currency issuer default rating to negative from stable, the agency noted.

Its long-term foreign currency and short-term issuer default ratings are affirmed at BBB and F3, respectively, Fitch said, noting that the ratings of Kazakhstan Temir Zholy reflect its links with the state, including the strategic nature of Kazakhstan's rail infrastructure to its economy, particularly given the country's terrain and importance of the commodities transported.

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