Moody’s rates KZT notes Baa3

Moody’s Investors Service said it rated National Co. Kazakhstan Temir Zholy’s planned benchmark-sized offering of dollar-denominated notes due 2025 Baa3.

“The Baa3 rating assigned to the bond is in line with KTZ's Baa3 issuer rating and outlook. KTZ's rating reflects a stand-alone assessment which has the characteristics of a strong B profile, and several notches of uplift reflecting KTZ's continued strategic importance to its parent company sovereign wealth fund Samruk-Kazyna JSC (Samruk-Kazyna, Baa2 stable) and, therefore, the government of Kazakhstan (Baa2 stable),” Moody’s said in a press release.

The proceeds will be used to repay KTZ's CHF 250 million of backed senior unsecured notes due December 2023 and for general corporate purposes.

The outlook is stable.

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