Kazakhstan News 16 October 2026 12:32 (UTC +04:00)
Photo: Fitch Ratings
BAKU, Azerbaijan, October 16. Fitch Ratings has published a senior unsecured long-term rating of 'BBB' for the $1.5 billion medium-term note (MTN) program of Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna JSC, according to the agency's report.
The program's rating is equal to Samruk-Kazyna's Long-Term Issuer Default Ratings (IDRs), which are 'BBB' with a Stable Outlook.
The MTN program allows the fund to issue senior unsecured and unsubordinated debt notes in various currencies and with different maturities.
Fitch said the program's rating reflects the fact that the notes will constitute direct, general, unconditional, unsubordinated and unsecured obligations of Samruk-Kazyna. They will rank equally with the fund's existing and future unsecured and unsubordinated obligations.
The program includes standard provisions such as cross-acceleration, a negative pledge and a change-of-control put option for investors. The notes also become immediately repayable if Kazakhstan, rated 'BBB' with a Stable Outlook, takes any action to readjust or defer any of its obligations. English law governs the program and the notes issued under it.
The net proceeds will be used for general corporate purposes. These may include providing funding to Samruk-Kazyna's subsidiaries, which may use the funds to support activities across various economic sectors, including investment and export development, trade finance and the refinancing of existing debt obligations.
The program's rating is driven by and equalized with Samruk-Kazyna's IDRs, as notes issued under the program will remain the fund's senior unsecured and unsubordinated obligations.
Samruk-Kazyna is Kazakhstan's national strategic holding company, which holds stakes in more than 60 companies operating in sectors including natural resources, railways, transport, energy, infrastructure and postal services.