Azerbaijan, Baku, July 6 / Trend E. Kosolapova/
Fitch Ratings has assigned Kazakhstan Temir Zholy Finance B.V.'s $800 million 6.95 percent notes due 10 July 2042 a final foreign currency senior unsecured rating of 'BBB-'.
Temir Zholy Finance B.V.'s is 100 percent subsidiary of Kazakhstan Temir Zholy (KTZ), the national railway company.
The notes are guaranteed by KTZ and its subsidiaries JSC Kaztemirtrans and JSC Locomotiv.
Approximately $220 millions of the net proceeds will be spent to repay a bridge facility and the remainder will be spent by Kaztemirtrans to acquire rolling stock.
Fitch rates KTZ Long-term Issuer Default Rating (IDR) and senior unsecured at 'BBB-'. The Outlook on the IDR is Positive.
KTZ's ratings reflect its 100 percent indirect state ownership and strategic importance to Kazakhstan ('BBB'/Positive/'F3'), as it provides about half of freight and passenger transportation in the country.