National Atomic Company “Kazatomprom” JSC (“Kazatomprom” or “the Company”) is pleased to announce that Fitch Ratings (“Fitch”) has upgraded the Company’s credit rating to BBB from BBB-, outlook Stable. Kazatomprom’s credit rating was increased by one notch.
According to Fitch, BBB rating means good creditworthiness of the Company, low expectations of credit risks, the ability to repay financial obligations in a timely manner. The main drivers influencing Kazatomprom’s rating were: low leverage, positive uranium price dynamics, strong market position, availability of alternative transportation routes, high expected dividends.
Fitch rates Kazatomprom on a standalone basis due to limited ties with the state represented by Samruk-Kazyna JSC, which owns 75% of the Company’s shares (according to Fitch’s rating criteria for government-related companies).
The rating also reflects the Company’s stable position as a global leader in uranium production, strong contract portfolio and stable long-term relationships with key consumers of uranium products.
