Fitch lowers Samruk-Energy

Fitch Ratings said it has downgraded JSC Samruk-Energy's ratings, including its long-term foreign currency issuer default rating to BBB- from BBB and foreign currency senior unsecured rating to BB+ from BBB-.

The outlooks on the long-term ratings are stable.

According to Fitch, the downgrade reflects the weakened legal ties between Samruk-Energy and its sole, indirect shareholder – the Kazakh State (BBB+/stable) – due to a decline in the share of state- guaranteed debt.

The agency said it continues to apply a one-notch difference between the senior unsecured ratings and the long-term issuer default ratings due to evolving financial and debt management policies and expected changes to the group structure.

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