Fitch affirms Kazakhstan Temir Zholy

Fitch Ratings said it affirmed Kazakhstan Temir Zholy's long-term foreign-currency issuer default rating and its senior unsecured rating at BBB.

The outlook is negative.

The ratings are aligned with the sovereign's ratings, Fitch said. The ratings reflect the 100% state-owned railway company's strategic importance to Kazakhstan given its vast terrain, land-locked position and underdeveloped road infrastructure, the agency said.

The company is expected to remain the monopoly provider of rail infrastructure and maintain a dominant market share, Fitch added.

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