Fitch lowers KTZ view to negative

Fitch Ratings said it revised JSC National Co. Kazakhstan Temir Zholy's (KTZ) outlook to negative from stable.

Fitch also said it affirmed KTZ's long-term issuer default rating and senior unsecured rating at BBB.

Kazakhstan Temir Zholy Finance BV's senior unsecured rating also was affirmed at BBB.

The outlook change reflects a view that state support is weakening during the rapid deterioration of KTZ's standalone creditworthiness, the agency said.

This is evidenced by a lack of tariff increases and continued payment of cash and in-kind dividends by KTZ to its sovereign parent, Fitch said.

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