ASTANA, Kazakhstan, December 24. The international agency S&P Global Ratings has confirmed the credit rating of Kazakhstan Temir Zholy (Kazakhstan Railways) at "BB" with a "Stable" outlook, Trend reports
According to the agency's assessment, the growth in freight volumes (by 7 percent in 2023 compared to 2022, with an additional expected growth of 1.3 percent in 2024) and significant increases in regulated tariffs (by 23.7 percent in 2023 compared to 2022, with an expected further growth of about 24 percent annually from 2024 to 2026) are expected to support KTZ's credit metrics.
The agency also notes Kazakhstan Railways' ability to secure new long-term credit lines and adjust investment volumes and timelines depending on the availability of long-term financing sources.
To note, Standard & Poor’s (officially S&P Global Ratings) is a subsidiary of the US corporation S&P Global, specializing in financial market research. Along with Moody’s and Fitch Ratings, Standard & Poor’s is part of the "Big Three" international rating agencies.