Standard & Poor’s upgraded credit ratings of Kazakh National Welfare Fund
Azerbaijan, Baku, Nov. 10 /Trend E. Kosolapova/
International rating agency Standard & Poor's reported the increase of long-term and short-term credit ratings of Samruk-Kazyna on foreign currency debt to BBB + / A-2, equating them to the sovereign ratings of Kazakhstan on liabilities in foreign currency, Samruk-Kazyna reported on Wednesday.
This upgrade followed improvement of the sovereign rating of Kazakhstan announced on November 7 by the agency.
Standard & Poor's also confirmed the long-term and short-term ratings on the Fund's liabilities in national currency at 'BBB + / A-2 "rating on national scale" kzAAA ". Their forecast is stable.
National Welfare Fund Samruk-Kazyna, is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups.
The state is the sole shareholder of the fund.
Samruk-Kazyna controls $78 billion in assets, or nearly 56 percent of Kazakh GDP.