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 ratings reflect its wealth within the national context, sound budgetary performance despite moderate deterioration, moderate expenditure rigidity and almost debt-free status, Fitch said.

The ratings also factor in the strong reliance of the regional budget on central government decisions, which can negatively impact the operating balance and its highly concentrated economy, the agency added.

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