Fitch gives positive outlooks to KazMunaiGaz, Temir Zholy

Fitch Ratings said it revised the outlooks on KazMunaiGaz National Co.'s and Kazakhstan Temir Zholy's long-term foreign-currency issuer default ratings to positive from stable.

The agency affirmed KazMunaiGaz's long-term foreign-currency issuer default rating at BBB-, long-term local-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F3, foreign-currency senior rating at BBB- and local-currency senior rating at BBB.

Temir Zholy's long-term foreign-currency issuer default rating and foreign-currency senior rating were affirmed at BBB-.

The rating actions reflect the agency's upgrade of Kazakhstan's long-term foreign- and local-currency issuer default ratings. Fitch said KazMunaiGaz and Temir Zholy continue to benefit from strong links with the government.

However, full and timely financial support is not certain without a significant portion of debt with explicit guarantees, the agency said. Consequently, the companies' ratings are notched down one notch from the sovereign ratings.

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