Moody's rates Kazakhstan Temir Zholy

Moody's Investors Service said it assigned a local currency long-term issuer rating of A3 to Kazakhstan Temir Zholy (KTZ) with a positive outlook.

KTZ's foreign currency rating of Baa3 with a positive outlook remains unchanged.

The A3 local currency rating is a measure of the credit performance of obligations denominated in the local currency and therefore excludes the transfer risk relevant for foreign-currency obligations, Moody's said.

In contrast, the agency said the Baa3 foreign currency rating incorporates a measure of the likelihood that the Kazakhstan government would impose restrictions on the repayment of foreign-currency-denominated obligations.

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