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Fitch assigns outlook on Kazakhstan's Samruk-Kazyna real estate fund

30 December 2017 11:26 1395
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Fitch assigns outlook on Kazakhstan's Samruk-Kazyna real estate fund

ASTANA. KAZINFORM - Fitch Ratings has assigned Kazakhstan's Real Estate Fund Samruk-Kazyna (REFSK) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'BB+' and a National Long-Term Rating of 'AA(kaz)'.

"The Outlooks are Stable. Fitch has also assigned REFSK a Short-Term Foreign Currency IDR of 'B'," said the report.

The ratings are based on Fitch's view of REFSK as a government-related entity (GRE) under the agency's exposure draft "Government-Related Entities Rating Criteria" and reflect the entity's linkage with the Republic of Kazakhstan (BBB/Stable/F2), which is the ultimate sponsor of the company, reports.

Tight links with the state are reflected in the ultimate 100 percent ownership of REFSK by the Kazakhstan government, its status as a state agent in the provision of affordable housing with funding from the government, as well as in the strong control and oversight by the state.

The two-notch rating differential factors in the moderate financial impact on the government of REFSK's default and the existence of few other state-mandated companies in the sector, which could impact the timeliness of emergency support to REFSK in case of need.

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