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Moody's cuts National Co. Food Contract
Moody's Investors Service said it downgraded the corporate family rating and probability of default rating of JSC National Co. Food Contract Corp. to Ba3 from Ba1.
The outlook is stable.
According to the agency, the downgrade of National Co. Food Contract's ratings mainly reflect Moody's concerns on the timeliness of ongoing government support despite taking into consideration the decision of the Kazakh government to increase the company's capital by $122 million.
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