Fitch ups Almaty

Fitch Ratings said it has upgraded Kazakhstan's City of Almaty to national long-term rating AA-(kaz) from A+(kaz).

Its long-term foreign and local currency ratings are affirmed at BB+ and its short-term foreign currency rating is affirmed at B, the agency said, adding that the outlooks for the long-term ratings remain stable.

Fitch said it also upgraded Kazakhstan's Mangistau Region to national long-term AA-(kaz) from A(kaz) while its long-term foreign and local currency ratings are affirmed at BB+ and its short-term foreign currency rating is affirmed at B.

The rating actions reflect a recalibration of Fitch's National Kazakh scale following the downgrade of Kazakhstan's long-term foreign currency issuer default rating to BBB- from BBB and the downgrade of its long-term local currency issuer default rating to BBB from BBB+.

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