Fitch: Outlook negative for Kazakh companies

Fitch Ratings said it affirmed the ratings of seven Kazakh companies, removed their ratings from Rating Watch negative and assigned negative outlooks to the companies.

The companies affected are KazMunaiGaz National Co. (BBB-/F3), JSC KazMunaiGas Exploration Production (BBB-/F3), JSC KazTransOil (BBB-/F3), JSC National Atomic Co. Kazatomprom (BBB-/F3), Kazakhstan Temir Zholy (BBB-), Kazakhstan Electricity Grid Operating Co. (BBB-/F3) and Mangistau Electricity Distribution Network Co. (BB/B).

The rating actions follow the affirmation of Kazakhstan's BBB- foreign- and BBB local-currency long-term issuer default ratings and F3 short-term foreign-currency issuer default rating, the removal of these ratings from Rating Watch negative and the assignment of a negative outlook.

The sovereign rating action reflects Fitch's view that the risk of an immediate abrupt deterioration of the sovereign balance sheet has eased but that the ratings remain under pressure due to the potential costs for the sovereign of coping with the economic slowdown and financial crisis.

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