Fitch rates Temir Zholy notes BBB-

Fitch Ratings said it assigned Kazakhstan Temir Zholy Finance BV's $700 million senior unsecured notes due 2020 a final rating of BBB-. The company has a long-term issuer default rating of BBB- and senior unsecured rating of BBB-.

The outlook is stable.

KTZ Finance is fully directly and indirectly owned by JSC National Co. Kazakhstan Temir Zholy, the national railway company of Kazakhstan. KTZ is fully and indirectly owned by the government of Republic of Kazakhstan, which has BBB- ratings and stable view.

The notes guaranteed by Kazakhstan Temir Zholy and its two key 100%-owned subsidiaries, JSC Kaztemirtrans and JSC Locomotive, Fitch said.

The terms include a put option in case the government of Republic of Kazakhstan ceases to control any of the guarantors, the agency said.

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