S&P affirms Kazakhstan Temir Zholy

Standard & Poor's said it affirmed its BB+ long-term corporate credit and kzAA- Kazakhstan national-scale ratings on Kazakhstan Temir Zholy.

The outlook is stable.

According to S&P, the ratings are constrained by an opaque regulatory regime in Kazakhstan and the company's obsolete assets and aggressive investment program.

The ongoing rail-sector restructuring, the risk of commodities traffic volatility, and competition from oil pipelines also constrain the ratings, the agency added.

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