Forecast of long-term rating in foreign currency of Astana changed to "Negative" - Fitch
Moscow. November 12. Kazakhstan Today - Fitch Ratings has changed its forecast of a long-term rating in foreign currency of the city of Astana (Kazakhstan) from "Stable" to "Negative", the agency reports referring to Fitch. "Long-term rating in national currency is "Stable". Long-term rating of the city in foreign and national currency have been confirmed at the level "BBB-" (BBB minus) and a short-term rating in foreign currency - at the level of "F3". Fitch has also confirmed the national long-term rating of Astana "AA (kaz) with "Stable" forecast," the message informs. According to Fitch, the rating actions follow downturn of the long-term rating of a default of the emitter of Kazakhstan in foreign currency from the level "BBB" up to "BBB-" (BBB minus) and the long-term of rating of a default of the emitter of the country in national currency from the level "BBB+" up to "BBB" due to deterioration of the situation in the national banking system and decrease of prices on raw goods. Sovereign ratings have "Negative" forecast. Astana is the capital of Kazakhstan. The city is located in the central part of the country. 10 % of total internal product of Kazakhstan accounts for Astana. 3.6 % of the population of the country lives in the capital.
Resourse: Kazakhstan Today