The rating agency Fitch Ratings has affirmed the ratings of JSC «Baiterek» National Managing Holding at «BBB» level, «Stable» prognostication.
According to the agency, the long-term issuer default rating (IDR) in foreign and national currency at «BBB» level, the national long-term rating «AAA (kaz)» and the short-term IDR in foreign currency «F2». Fitch has also confirmed the rating of the Baiterek Holding's priority unsecured domestic bonds at the level of BBB/AAA (kaz).The holding's ratings are on the same level as Kazakhstan's sovereign ratings. Fitch believes the Baiterek holding plays an especially important role in implementing Kazakhstan's policies for economic development through diversification and support for the non-raw material sectors of the economy, innovative development and support for export-oriented processsing industries.
For information: the holding also has a rating from the agency Moody's Investors Service at the level Baa3, with an outlook of "stable" (corresponding to the sovereign rating for Kazakhstan).
The ratings of Holding reflect the sovereign ratings of Kazakhstan. According to Fitch, «Baiterek» Holding plays a particularly important part in Kazakhstan's economic development policy implementing through diversification and non-resource sectors of the economy and innovative development, small and medium enterprise support, and also affordable housing providing.
Fitch also affirmed the ratings of the top uncovered domestic bonds of «Baiterek» Holding at «BBB» / «AAA (kaz)» levels.