BAKU, Azerbaijan, Jan. 2
By Fakhri Vakilov - Trend:
Fitch Ratings has affirmed the ratings of three national management holdings in Kazakhstan: JSC Sovereign Wealth Fund Samruk-Kazyna (SK), National Management Holding Baiterek (Baiterek) and KazAgro National management holding JSC (KazAgro) at “BBB”, Outlook “Stable”, Trend reports citing Fitch.
The affirmations reflect Fitch's unchanged view that these government-related entities (GREs) continue to act as state agents in implementing strategic policies in Kazakhstan (BBB/Stable/F2) and would benefit from a high probability of state support if needed.
"The assessment under our GRE criteria gives each entity a score, warranting rating equalization with the sovereign's Issuer Default Ratings (IDRs), irrespective of the entities' standalone credit profiles," said the report.
"SK has a score of 45 points under our GRE criteria, which warrants rating equalisation with Kazakhstan irrespective of the fund's standalone credit assessment. Baiterek has a score of 50 points under our GRE criteria, which warrants rating equalisation with Kazakhstan irrespective of the entity's standalone credit assessment. KazAgro has a score of 45 points under our GRE criteria, which warrants rating equalisation with Kazakhstan irrespective of the entity's standalone credit assessment," Fitch said.
"Rating actions on the IDRs of the GREs covered will likely mirror those of Kazakhstan's sovereign ratings. Significant dilution of the strength of linkage with or incentive to support by the sovereign could lead to ratings being notched down from the sovereign's. Senior unsecured debt ratings are likely to move in tandem with their anchor IDRs," Fitch said.
Sovereign Wealth Fund Samruk-Kazyna JSC; Long Term Issuer Default Rating affirmed at BBB; Short Term Issuer Default Rating at affirmed F2; Local Currency Long Term Issuer Default Rating affirmed at BBB; National Long Term Rating affirmed at AAA(kaz); senior unsecured Long Term Rating affirmed at BBBl senior unsecured National Long Term Rating affirmed at AAA(kaz).
KazAgro National management holding JSC; Long Term Issuer Default Rating affirmed at BBB; Short Term Issuer Default Rating affirmed at F2; Local Currency Long Term Issuer Default Rating affirmed at BBB; senior unsecured Long Term Rating affirmed at BBB.
JSC National Management Holding Baiterek; Long Term Issuer Default Rating affirmed at BBB; Short Term Issuer Default Rating affirmed at F2; Local Currency Long Term Issuer Default Rating affirmed at BBB; National Long Term Rating affirmed at AAA(kaz); senior unsecured Long Term Rating affirmed at BBB; senior unsecured National Long Term Rating affirmed at AAA(kaz).
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