S&P upgrades KTZ rating, revises outlook to positive on Samruk-Kazyna, KEGOC and QazaqGazInternational ratings agency S&P Global Ratings has upgraded the national scale rating of Kazakhstan Temir Zholy (KTZ), the national railway operator, and revised the outlook to positive from stable for the sovereign wealth fund Samruk-Kazyna and two of its portfolio companies, KEGOC and QazaqGaz.The action follows a similar revision of the outlook on Kazakhstan's sovereign credit rating to positive in late August.S&P confirmed the long-term issuer credit ratings of Samruk-Kazyna 'BBB-', KEGOC 'BB+', and QazaqGaz at 'BB+', but raised the outlook for all four entities to positive. The agency equates Samruk-Kazyna's rating to the sovereign rating, citing its status as a government-related entity with a very high likelihood of extraordinary state support.The upgrade of KTZ's national scale rating to 'kzAA-' from 'kzA+' reflects an improving credit quality trend, S&P said. The agency affirmed KTZ's issuer credit rating at 'BB', noting its assessment is two notches above the company's standalone credit profile due to its critical role in the national economy.The positive outlooks on KEGOC and QazaqGaz are directly linked to the revised sovereign outlook. S&P noted a high likelihood of state support for KEGOC, the national grid operator, and indicated its rating could be raised further upon the smooth implementation of its capital expenditure program. For QazaqGaz, the national gas company, analysts highlighted growing domestic gas demand driven by a government target to increase the national gasification rate. (ICE ALMATY)

Fonte notizia: INTERFAX