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Fitch updates rating of Kazakhstan's largest telecom operator

Kazakhstan Materials 13 December 2022 09:58 (UTC +04:00)
Fitch updates rating of Kazakhstan's largest telecom operator

BAKU, Azerbaijan, December 13. Fitch Ratings has affirmed Kazakhtelecom JSC's (Kaztel) Long-Term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, Trend reports, citing Fitch.

The strong market position of the company, financial position, competitive pressure easing, and good performance despite existing challenges were among the major rating drivers.

Fitch expects the 2022 revenue growth of the country to be close to 10 percent, with high single-digit growth from 2023 to 2025. In addition, Fitch estimates that the total dividend payout in 2022 will be around 39 billion Kazakh tenge (nearly $82.5 million).

Kaztel is the leading telecommunication company in Kazakhstan. By the company's assessment, its subscriber market share was 93 percent in fixed voice, 71 percent in fixed broadband, 59 percent in mobile, and 37 percent in pay-TV services in 2021, accounting for more than 60 percent of the total telecom market by revenue.

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