Moody's: Temir Zholy notes Baa3

Moody's Investors Service said it assigned a provisional (P)Baa3 rating to the proposed U.S. dollar-denominated notes to be issued by Kazakhstan Temir Zholy Finance BV, a subsidiary of JSC National Co. Kazakhstan Temir Zholy. The parent and its main operating subsidiaries will guarantee the notes.

The agency said the (P)Baa3 rating assigned to the notes is equivalent to the senior unsecured issuer rating of JSC National Co. Kazakhstan, as well as to other senior unsecured debt instruments issued by KTZ Finance and guaranteed by JSC National Co. Kazakhstan that are currently outstanding and rated by Moody's.

The notes, as well as the obligations of the guarantors, will rank at least pari passu with all other present and future senior unsecured obligations of the issuer and the guarantors, respectively.

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