Fitch affirms Mangistau

Fitch Ratings said it affirmed the Kazakhstan region of Mangistau's long-term foreign- and local-currency ratings at BB+ and the short-term foreign-currency rating at B. The national long-term rating is affirmed at AA-(kaz).

The outlook is stable.

The ratings reflect the wealthy, but highly concentrated local economy, sound budgetary performance, moderate expenditure rigidity and low debt levels, Fitch said.

The ratings also factor in a strong reliance of the regional budget on central government decisions and the impact of the national economic downturn, the agency said.

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