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S&P upgrades Kazakhtelecom
Standard & Poor's said it raised its long-term corporate credit rating on Kazakhtelecom (OJSC) to BB from BB-, reflecting the company's improving performance.
The outlook is stable.
S&P said the upgrade reflects Kazakhtelecom's improving business position, with continuing dominant market shares in key segments; its considerably improved network quality and capabilities; and positive economic dynamics in Kazakhstan. The rating action also reflects Kazakhtelecom's strengthened financial profile.
The rating remains constrained by the evolving market structure and changing regulatory environment in the Kazakh telecoms sector, the ongoing liberalization of long-distance services and increasing competition, the agency said.
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