S&P lowers Samruk-Kazyna

Standard & Poor’s said it lowered the long-term foreign- and local-currency issuer credit ratings on Sovereign Wealth Fund Samruk-Kazyna JSC to BBB- from BBB, along with its short-term ratings to A-3 from A-2.

The outlook is negative.

S&P also said it lowered the Kazakhstan national scale rating on the company to kzAA from kzAA+.

The agency also said it lowered the ratings on Samruk-Kazyna’s senior unsecured debt to BBB- from BBB.

The downgrades follow a similar action on the sovereign ratings of Kazakhstan, S&P said.

Samruk-Kazyna’s ratings are based on an opinion of its status as a government-related entity with an almost certain likelihood of receiving extraordinary support from the government in the event of financial difficulties, the agency said.

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