Fitch lowers Kazakhstan companies

Fitch Ratings said it downgraded the ratings of several Kazakh corporations following the recent downgrade of Kazakhstan.

The downgrades reflect that the direct impact of the sovereign downgrade will have on the ratings of state-owned entities, Fitch explained.

The downgrades include JSC National Co. Kazakhstan Engineering’s long-term foreign-currency issuer default rating to BB+ from BBB-.

Kazakhstan Electricity Grid Operating Co.’s long-term foreign-currency issuer default rating also was downgraded to BBB from BBB+.

Samruk-Energy JSC’s long-term foreign-currency issuer default rating also was downgraded to BB+ from BBB-.

Mangistau Electricity Distribution Co. JSC’s long-term foreign-currency issuer default rating also was downgraded to BB from BB+.

Fitch also downgraded JSC National Co. Kazakhstan Temir Zholy’s long-term foreign-currency issuer default rating to BBB- from BBB.

The agency also said it downgraded JSC National Co. KazMunayGas’s long-term foreign-currency issuer default rating to BBB- from BBB.

JSC KazTransOil’s long-term foreign-currency issuer default rating also was downgraded to BBB- from BBB.

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