Fitch affirms Astana

Fitch Ratings said it has affirmed JSC Astana Finance's ratings, including its long-term issuer default rating at BB with negative outlook, and its individual rating at D/E.

The agency said it has also assigned ratings to Astana's leasing subsidiary JSC Astana Finance Leasing Co.

Astana's issuer default ratings and its Support rating reflect what Fitch said it considers is a moderate probability that support would be made available to AF from its 25.5% beneficial shareholder, state-owned fund for national welfare Samruk-Kazyna or potentially the Kazakhstani sovereign (rated long-term issuer default rating BBB-/outlook negative), in the event of need.

The agency added that Astana's individual rating reflects risks associated with the company's deteriorating asset quality, substantial loan and funding concentrations on both sides of the balance sheet and high, albeit much reduced, leverage.

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