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Moody's: KTZ Finance bond Baa3
Moody's Investors Service said it assigned a Baa3 senior unsecured rating to the proposed 2022 RUB 15 billion senior unsecured ruble-denominated bond to be issued by KTZ Finance LLC.
The proceeds of the issue will be on-lent to the National Co. Kazakhstan Temir Zholy, who also will provide a surety undertaking for the bond.
The outlook is negative in line with the outlook on KTZ Finance, Moody's said.
The rating assigned to the bond is in line with KTZ's Baa3 issuer rating and outlook, which is in line with the sovereign bond rating of Kazakhstan, the agency said.
The negative outlook on the rating is in line with the outlook on the sovereign rating of Kazakhstan and indicates that negative developments at the sovereign level would translate into a downgrade of KTZ, Moody's said.
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