ASTANA, Kazakhstan, December 12. The international agency Fitch Ratings has confirmed the credit rating of Kazakhstan Railways (Kazakhstan Temir Zholy, KTZ) at "BBB-", with a Stable Outlook, Trend reports.
The affirmation of the rating reflects the stable operation and efficient business activities of the national company. Thanks to measures aimed at increasing high-revenue transit transportation, raising tariffs, and optimizing operational costs, the gross profit of KTZ for the first 9 months of 2024 increased by 38.1 billion tenge ($730.4 million) compared to the same period in 2023. This is 38.1 billion tenge ($73 million) or 11.1 percent more than the previous year.
The company’s financial stability is supported by trust from international financial institutions, which provide credit facilities and guarantees to Kazakhstan Railways.
According to Fitch, KTZ is a vital part of the government’s development program, contributing to enhancing the country's transit and export potential.
To note, Fitch Ratings Inc. is an American corporation, primarily known as a credit rating agency. Along with Standard & Poor’s and Moody’s, it is part of the so-called "Big Three" international rating agencies. It specializes in providing independent and forward-looking credit assessments, analytical research, and data for global credit markets.