Fitch rates Kazakhstan Temir Zholy Finance notes BBB-

Fitch Ratings said it assigned Kazakhstan Temir Zholy Finance BV's proposed senior unsecured notes an expected rating of BBB-. The company has a long-term issuer default rating of BBB- and senior unsecured rating of BBB-.

The rating is contingent upon the receipt of final documents.

KTZ Finance is fully directly and indirectly owned by JSC National Co. Kazakhstan Temir Zholy, the agency said.

The notes are jointly and severally, unconditionally and irrevocably guaranteed by Kazakhstan Temir Zholy and its two key 100%-owned subsidiaries, JSC Kaztemirtrans and JSC Locomotive, Fitch said.

The notes' proposed terms include a put option in case the government of Republic of Kazakhstan ceases to control any of the guarantors, the agency said.

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