Moody's ups Temir Zholy foreign currency to A3

Moody's Investors Service said it has upgraded the JSC National Co. Kazakhstan Temir Zholy's (KTZ) foreign currency issuer rating to A3 from Baa1 following an earlier decision by Moody's to upgrade Republic of Kazakhstan's foreign currency government bond rating to Baa2 from Baa3 and, consequently, the long-term foreign currency country ceiling for bonds to A2 from Baa1.

The outlook on all KTZ's ratings is stable.

Moody's assessments of KTZ's baseline credit risk, default dependence and government support remain unchanged at this stage.

Moody's said the ratings upgrade therefore solely reflects the impact of the sovereign ratings upgrade, as applied through Moody's GRI rating methodology.

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