Fitch rates Kazatomprom BB+

Fitch Ratings said it assigned a BB+ issuer default rating and B short-term rating to Kazakhstan-based JSC National Atomic Company Kazatomprom.

The outlook is positive.

The ratings reflect Kazatomprom's world leadership position in uranium production, its strong growth profile, its sound financials and the potential government support implied by its 100% government ownership. The agency said Kazatomprom is uniquely positioned to leverage the recent revitalization of the uranium industry on the back of the planned increase in the number of nuclear power plants worldwide.

The agency added, however, that Kazatomprom operates on a much smaller scale compared to its rated metals and mining peers and its limited product diversification increases its exposure to uranium industry risks. In addition, Kazatomprom is moderately leveraged compared to many of its rated metals and mining peers, with total debt of 32.2 billion tenge in fiscal year 2005.

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