Fitch cuts Kazakh corporates’ NSR

Fitch Ratings said it downgraded the national scale ratings of several Kazakh corporates to reflect a recalibration of the Kazakh national scale, which followed the recent downgrading of the Kazakh sovereign rating.

The agency downgraded the national long-term ratings of JSC National Co. Kazakhstan Engineering to AA(kaz) from AA+(kaz); Samruk-Energy JSC to AA(kaz) from AA+(kaz); Mangistau Electricity Distribution Co. JSC to A+(kaz) from AA(kaz); JSC KazTransOil to AA+(kaz) from AAA(kaz); and KazTransGas JSC and subsidiaries to AA(kaz) from AA+(kaz).

The actions also follow the recent downgrade of international scale ratings of several Kazakh corporates.

Fitch said the core rationale for these rating actions is the direct impact of the sovereign downgrade on the ratings of state-owned entities.

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