Fitch ups Kazakhtelecom view to stable

Fitch Ratings said it revised JSC Kazakhtelecom's outlook to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BB, short-term foreign-currency issuer default rating at B and national long-term rating at A(kaz).

The outlook revision reflects the company's reduced refinancing risk following repayment of its $350 million syndicated loan due in July 2010, Fitch said.

The agency said it views the company's refinancing risk as moderate since its short-term debt is now estimated to be below 25%. Fitch also said it believes the company now has sufficient liquidity to cover its short-term debt in full.

The ratings continue to be constrained by substantial foreign-currency risk, as nearly all of its debt is denominated in or linked to foreign currencies, Fitch said, while the company's revenue is predominantly in tenge.

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