ASTANA, Kazakhstan, December 15. Fitch Ratings has affirmed Kazakhstan's Samruk-Kazyna Invest LLP's (SKI) Long-Term Issuer Default Ratings (IDRs) at 'BB+' with a stable outlook, Trend reports.
The affirmation reflects Fitch's view of SKI's links with Kazakhstan (BBB/Stable), given its role as the investment arm of Sovereign Wealth Fund Samruk-Kazyna JSC (SK, BBB/Stable) in promoting equity investments in targeted sectors.
Fitch's assessment of support rating factors under Fitch's Government-Related Entities (GRE) Criteria resulted in a score of 30 out of a maximum of 60, which combined with a standalone credit profile (SCP) of 'b', leads to SKI's IDR being two notches below Kazakhstan's rating.
Fitch views SKI as a public-mission GRE ultimately owned by the state via its sole parent, SK. In line with national legislation, SKI is subject to bankruptcy. However, its proximity to the state underpins Fitch's expectations of liability transfer to the state or its appointed agent to prevent the entity's default.
Fitch expects quasi-state resources to remain the dominant funding source for SKI's policy-driven activities over the medium term.
In addition, SKI's 'AA(kaz)' National Long-Term Rating is mapped to its Long-Term Local-Currency IDR.