Fitch Affirms Kazakhstan's SWF Samruk-Kazyna at 'BBB'; Outlook Stable

Fitch Affirms Kazakhstan's SWF Samruk-Kazyna at 'BBB'; Outlook Stable

18:17 30 Ноябрь 2021 3162

SK is a mission-driven institution that benefits from the special legal status of national management holding, as stipulated by national legislation. 

Fitch Ratings - Moscow - 25 Nov 2021: Fitch Ratings has affirmed Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna JSC's (SK) Long-Term Foreign- and Local- Currency Issuer Default Ratings (IDR) at 'BBB' with Stable Outlook. A full list of rating actions is provided below.

The affirmations reflect Fitch's unchanged view that SK, as a government-related entity (GRE) and the state's strategic policy arm in Kazakhstan (BBB/F2/Stable), would benefit from a high probability of state support, if needed.

SK is a mission-driven institution that benefits from the special legal status of national management holding, as stipulated by national legislation. The state, as the ultimate and sole shareholder of SK, approves its financial statements, monitors and controls the use of state-originated funds and appoints its Board of Directors and Chief Executive Officer. The state also exercises prudent control over its strategic decisions, as well as mandating key policies on debt, dividends and investments.

Based on its status and under national legislation, SK shares are not permitted to be sold, pledged or seized. In our view, this would entail an unconditional transfer of all assets and liabilities of the GRE to the state, or a public entity designated by the state, should SK default.

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