Fitch lifts Kazatomprom view to stable

Fitch Ratings said it affirmed JSC National Atomic Co. Kazatomprom's (Kazatomprom) long-term foreign-currency issuer default rating at BBB-, short-term issuer default rating at F3 and foreign-currency senior unsecured rating at BBB-.

Fitch also revised the outlook to stable from negative.

The outlook revision reflects Kazatomprom's ability to boost its uranium production and obtain significant dividends from its joint ventures and associates, Fitch said.

The ratings continue to be driven by the company's leading position in global uranium mining, stable operating profile and the fact that most of its uranium production volumes have been contracted over the medium term, the agency said.

The ratings also consider its competitive cash costs compared to those of its global peers and stable profit margins despite market challenges following the Fukushima accident in 2011, Fitch said.

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