Fitch Downgrades Astana Finance To RD

Fitch Ratings has today downgraded Kazakhstan-based JSC Astana Finance’s (AF) Long-term Issuer Default Ratings ( IDR) to ‘RD’ (Restricted Default) from ‘CCC’, thereby resolving the Watch Negative (RWN) on the ratings. The agency has also downgraded JSC Astana Finance Leasing (AFL), a subsidiary of AF, to ‘C’ from ‘CCC’. A full list of rating actions is provided at the end of this commentary.

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Moody’s unifies Kazakhstan’s government ratings at Baa2, outlook negative

Moody’s Investors Service has downgraded Kazakhstan’s local currency government rating to Baa2 from Baa1, the same as its foreign currency rating, and changed the outlook to negative. The rating action reflects continuing fragility in the Kazakh banking system because of its large short-term foreign currency debt obligations.

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Kazakhstan Local Currency Credit Rating Cut to Baa2 by Moody’s

Jonathan Schiffer, a Moody’s vice president: “Shortfalls in government revenues connected with worsening growth prospects may come at a time of increasing stresses in the banking system, as non-performing loans grow rapidly. The government’s financing gap may widen considerably because of overly optimistic forecasts for the budget outcome.’’

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