Fitch ups Kazakhstan Temir Zholy

Fitch Ratings said it upgraded Kazakhstan Temir Zholy's (KTZ) senior unsecured rating to BBB from BBB-.

Following the upgrade, the outlook is now stable and the agency said KTZ's rating action follows the recent upgrade of the sovereign rating for Kazakhstan to BBB from BBB-.

Fitch said KTZ's rating reflects its government ownership and expected state support in case of need as well as the rail infrastructure, mainly used for freight traffic, which is also of national strategic importance to the republic's economy.

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