Fitch cuts Astana view to negative

Fitch Ratings said it revised the outlook for the Kazakhstan city of Astana's long-term foreign-currency rating to negative from stable, and affirmed its long-term foreign- and local-currency ratings at BBB-, short-term foreign-currency rating at F3 and national long-term rating at AA(kaz). The outlook on those ratings remains stable.

The actions follow the downgrades of Kazakhstan's long-term foreign-currency issuer default rating to BBB- from BBB and long-term local-currency issuer default rating to BBB from BBB+ due to deterioration of the national banking system and a decline in commodity prices, Fitch said. The sovereign outlook remains negative.

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