Fitch affirms Mangistau

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

The outlook is stable.

The affirmation reflects its wealth within the national context, sound budgetary performance, moderate rigidity and almost debt-free status, Fitch said, as well as its highly concentrated economy.

The ratings also factors in the 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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