Fitch ups Kazakhstan Temir Zholy

Fitch Ratings said it upgraded Kazakhstan Temir Zholy's senior unsecured foreign currency rating to BBB- from BB+. Following the upgrade, the outlook is now stable.

Kazakhstan Temir Zholy's rating action follows the recent upgrade of Fitch's sovereign rating for Kazakhstan to BBB- from BB+.

Fitch said Kazakhstan Temir Zholy's rating reflects its government ownership and expected state support in case of need. The rail infrastructure, mainly used for freight traffic, is also of national strategic importance to the republic's economy. Furthermore, Kazakhstan Temir Zholy's board is primarily made up of government appointees, and the anti-monopoly agency sets the company's domestic tariffs.

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