Moody’s changes Kazakhstani GRIs to stable

Moody's Investors Service said it changed the outlooks on the ratings of several Kazakhstani government-related issuers (GRIs) – in the oil & gas, mining, transportation and defense sectors – to stable from negative as a result of significant progress made by the Government of Kazakhstan toward adjusting the country's economy, public finances and banking system to the reality of low oil prices.

The outlooks of the following GRIs were revised: KazMunayGas NC JSC, KazTransOil, KazTransGas, Intergas Central Asia, National Co. Kazakhstan Temir Zholy JSC, KTZ Finance LLC, Kaztemirtrans, Kazatomprom and NC Kazakhstan Engineering.

Concurrently, Moody's affirmed all these ratings. For all affected GRIs, their respective baseline credit assessments were affirmed, and their support and dependence assumptions are unchanged as a result of this action.

Moody’s said the actions follow the July 26 change of the outlook on Kazakhstan's Baa3 government bond rating to stable from negative and the affirmation of the rating.

The actions are in line with the sovereign rating action and reflect the strong credit linkages of the affected companies with the state as well as their exposure to the operating and macroeconomic environment of Kazakhstan, the agency explained.

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