Azerbaijan, Baku, Nov. 21 / Trend E. Kosolapova/
Fitch Ratings has revised the outlooks on Kazakh National oil&gas Company KazMunaiGaz (KMG) and Kazakh State railway company Kazakhstan Temir Zholy's (KTG) long-term foreign currency Issuer Default Ratings (IDRs) to positive from stable and affirmed their ratings, the agency reported.
"KMG and KTZ continue to benefit from strong links with the government," the report said.
The rating actions reflect the agency's upgrade of Kazakhstan's long-term foreign and local currency IDRs to 'BBB' from 'BBB-' and 'BBB+' from 'BBB', respectively, on 21 November.
According to the report, full and timely financial support, which would allow rating alignment, is not certain without a significant portion of debt with explicit guarantees. Consequently, KMG's and KTZ's ratings are notched down one notch from the sovereign ratings.