Fitch rates the planned bonds of Kazakhstan Temir Joly expected rating BBB-
/IRBIS, September 28, 2010/ - Fitch Ratings has assigned an expected rating
"BBB-" the planned senior unsecured bonds of the issuer Kazakhstan Temir
Zholy Finance BV ("KTZ Finance"), it's stated in the report released today by
As indicated, the final rating is contingent upon receipt of final documentation
on the bonds, which should correspond to information already received.
KTZ Finance directly or indirectly wholly owned by JSC National Company
"Kazakhstan Temir Joly" (KTZ), Kazakhstan's national railway company
(Long-term Issuer Default rating ("IDR") "BBB-"/Stable Outlook). KTZ is
located in full indirect ownership of the Government of the Republic of
Ratings KTZ: Long-term IDR of "BBB-", Outlook Stable; senior unsecured
rating of "BBB-".
Bonds are jointly and severally unconditionally and irrevocably guaranteed by
KTZ and its two key located in the 100-percent owned subsidiaries of JSC
Kaztem¦rtrans and JSC Locomotive. Expected terms of bonds include a put
option, in case Government of the Republic of Kazakhstan no longer controls
any of the guarantors.