Fitch lifts Temir Zholy

Fitch Ratings said it upgraded JSC National Co. Kazakhstan Temir Zholy's long-term issuer default rating and Kazakhstan Temir Zholy Finance BV's senior unsecured rating to BBB from BBB-.

The outlook on the long-term issuer default rating is stable.

The agency said the upgrade reflects the agency's upgrade of Kazakhstan's long-term foreign and local currency issuer default ratings to BBB+ from BBB and to A- from BBB+, respectively, with stable outlooks.

S&P said the ratings reflect the company's 100% indirect state ownership and strategic importance to Kazakhstan, as it provides about half of freight and passenger transportation in the country.

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