International rating agency Fitch has affirmed long-term issuer default rating (IDR) of Kazakhstani "Samruk-Energy" JSC in foreign currency at “BB +” and senior unsecured rating in foreign currency at “BB'”, according to Interfax-Kazakhstan.
The Outlook on IDR - "Stable", Fitch statement said.
"The affirmation reflects the continued strong strategic and operational ties of the company with the government and we expect that the company will refinance USD 500 million Eurobonds maturing in December 2017, or the government will provide it with timely financial support in case cash inflows are insufficient", - was explained in the rating agency.
Fitch believes that "Samruk-Energy" JSC liquidity at end-2016 largely depends on credit lines in order to fully cover future payments on Eurobonds, and negative rating action will be possible, if the company is unable to obtain refinancing.
"Standalone credit profile of the company remains weak due to a heavy debt burden and high exposure to foreign exchange risk", - the report indicates.
"Samruk-Energy" JSC, established in 2007, is a part of Kazakhstani Sovereign Wealth Fund "Samruk-Kazyna".
Sources: fitchratings.com, interfax.kz, kapital.kz