S&P affirms Kazakhstan Temir Zholy

S&P said it affirmed its BB- long-term issuer credit rating on Kazakhstan Temir Zholy and subsidiary Kaztemirtrans JSC.

The outlook is stable.

The agency also affirmed the Kazakhstan national scale ratings on both entities at kzBBB+.

At the same time, the agency affirmed the BB- issue ratings on Kazakhstan Temir Zholy's senior unsecured bonds.

S&P said the affirmation reflects an expectation that Kazakhstan Temir Zholy’s debt to EBITDA will remain above 5 times and funds from operations to debt below 12% in the coming year, while the group's stronger operating results will be balanced by an expectation of a significant increase in capital expenditures in 2018.

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