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Fitch rates Almaty A+(kaz)
Fitch Ratings said it affirmed Kazakhstan city of Almaty's long-term foreign- and local-currency BB+ ratings and a short-term foreign-currency B rating. Fitch said it also assigned it a national long-term rating of A+(kaz) rating.
The outlook is stable.
The ratings reflect the city's well-diversified and growing economy, stable growth in tax revenue, high level of capital spending and low debt burden, Fitch said.
The ratings also factor in the city dependence upon the central government for decisions on inter-regional equalization transfers, the agency said, and the limited financial flexibility of the city.
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