Fitch affirms Kazakhstan Temir Zholy

Fitch Ratings said it affirmed the BB+ senior unsecured foreign currency rating for Kazakhstan Temir Zholy (KTZ), the national railway provider in Kazakhstan.

The outlook is positive.

Fitch's sovereign rating for Kazakhstan is also BB+, outlook positive.

Fitch said government ownership and expected support toward KTZ, if required, aids the credit rating of this entity. The rail infrastructure, mainly used for freight traffic, is also of strategic national importance to the republic's economy. Furthermore, KTZ's board is primarily made up of government appointees, and the anti-monopoly agency sets the company's domestic tariffs.

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