S&P: Kazakhtelecom view to positive

S&P said it revised its outlook on Kazakhtelecom JSC to positive from stable.

At the same time, the agency affirmed its BB long-term foreign and local currency corporate credit ratings and the kzA+ Kazakhstan national scale rating.

S&P also affirmed its BB and kzA+ issue ratings on the group's KZT 45.5 billion senior unsecured bond.

S&P said the outlook revision reflects Kazakhtelecom's strengthening credit metrics, particularly the expectation that S&P-adjusted debt to EBITDA will decline below 1 time in 2016-2018.

The agency also takes into account Kazakhtelecom's solid balance sheet, with a large balance of cash and deposits at around KZT 53 billion at end-June 2016, and the expectation that it will increase, supported by strongly positive free operating cash flow.

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