Moody's confirms Temir Zholy

Moody's Investors Service said it confirmed JSC National Co. Kazakhstan Temir Zholy's Baa3 issuer rating and the Baa3 rating of the senior unsecured eurobonds, amounting to $800 million, issued by Kazakhstan Temir Zholy Finance BV and guaranteed by Temir Zholy and its operating subsidiaries.

Simultaneously, Moody's said it confirmed JSC Kaztemirtrans' Ba1 corporate family rating.

The outlooks are stable.

Moody's added that it positively notes recently made decisions on the state funding to cover a part of the Temir Zholy group's investment program and the confirmed commitment of the government's arm JSC National Welfare Fund Samruk-Kazyna, the sole shareholder of the group, to support the group, in case of need, in timely repaying its $450 million bond due May 2011.

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