Moody's rates Kaztemirtrans Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to JSC Kaztemirtrans, a 100%-owned operating subsidiary of JSC Kazakhstan Temir Zholy (rated A3 with stable outlook), which is a 100% state-controlled group.

The outlook is stable.

The rating reflects the Baa1 local-currency rating of the government of Kazakhstan, the agency said.

Ratings also reflect the company's leading position as the railcar provider in Kazakhstan's growing transportation market, a generally supportive regulatory environment and its debt profile, Moody's said.

Ratings also consider the ongoing uncertainties regarding the issuer's future business profile and status, the agency noted.

The issuer's leverage assessed on a standalone basis is very high at a debt-to-EBITDA ratio of 5.9 times.

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