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Fitch: KazAgro eurobond BBB
Fitch Ratings said it assigned a long-term foreign-currency rating of BBB to JSC National Managing Holding KazAgro (KazAgro), along with a long-term local-currency rating of BBB+ and short-term foreign-currency rating of F3.
The outlook is stable.
Fitch also said it assigned an expected long-term foreign-currency rating of BBB to KazAgro's upcoming senior unsecured eurobond issue.
The ratings reflect KazAgro's state ownership, its strategic importance for the national agricultural sector and potential government support, the agency said.
The sector is of high importance for the nation in the terms of production, employment and social issues, Fitch said.
The company currently relies heavily on capital and equity injections from the state, including short-term low-cost subsidized budget loans, the agency said.
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