S&P affirms KTZ

Standard & Poor's said it affirmed its BB+ corporate credit rating on railroad group Kazakhstan Temir Zholy (KTZ). The outlook is stable.

S&P said the rating reflects KTZ's high investment needs, which require additional borrowing and will result in a weakening financial profile in the medium term.

The increasing dependence of KTZ's cash flows on unstable oil traffic and continued exposure to regulatory risk are other negative factors, according to S&P.

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