BAKU, Azerbaijan, March 13. S&P Global affirmed the rating of Kazakhstan’s “Samryk-Kazyna”, sovereign wealth fund, rating at BBB-, while updating the outlook from “negative” to “stable”, Trend reports, via the S&P.
The S&P also updated the outlook of four subsidiaries of the fund, including KazMunayGas (national oil company), KazTransOil (national pipeline operator), Kazakhstan Electricity Grid Operator, and Kazakhstan Temir Zholy (national railway company) from negative to stable.
The Agency cites the close links between the government of Kazakhstan and Samryk Kazyna as the driving force for updating the outlook. It is believed that due to the importance of Samryk-Kazyna and its subsidiaries to the domestic economy, the government will intervene and provide “sufficient and extraordinary financial support”.
S&P noted that the decision to update the outlooks of the national companies mirrors the earlier change made to the outlook of Kazakhstan.
Earlier, the international rating agency Standard & Poor's affirmed the sovereign credit rating of Kazakhstan at the level of BBB-/A-3 and revised the outlook from "negative" to "stable" due to the strong fiscal and external balances of the country’s economy.