Fitch: Samruk bonds AA+(kaz)

Fitch Ratings said it has assigned JSC Samruk-Energy's KZT 3 billion of 6% domestic bonds a BBB local currency senior unsecured rating and AA+(kaz) national senior unsecured rating.

The agency said it has notched down the local currency senior unsecured rating by one notch from Samruk-Energy's long-term local currency issuer default rating of BBB+ due to the structural and contractual subordination in the group's debt structure.

Secured and prior-ranking debt at the operating company level constituted 61% of group debt and materially exceeded 2x group EBITDA at end-2011, Fitch noted.

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