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Fitch Ratings assigns Almaty ‘BBB’ credit rating

17 September 2019 13:13

ALMATY. KAZINFORM - Fitch Ratings has assigned Almaty the international credit rating «BBB» at the level of the sovereign rating of Kazakhstan, Kazinform correspondent reports.

Taking into account the analysis of the city’s economy, budget and credit profile over the past five years, Fitch has assigned a long-term issuer default rating (IDR) in foreign and national currencies at the level of «BBB» (investment level) and the autonomous credit profile (SCP) at the level of « BBB +».

This credit rating is a confirmation of the efforts of Almaty supported by the International Finance Corporation (IFC) within the framework of the Program of European and Central Asian Cities (ECACities) in order to identify long-term instruments for private financing of the city’s ambitious infrastructure program.

The credit rating of Almaty city will be included in the list of leading world capitals evaluated by Fitch Ratings in order to attract the attention of the international investment community.

It should be noted that in February 2019 the IFC and the Akimat of Almaty signed a Strategic Partnership Agreement which provides IFC support of the Akimat in gaining access to long-term capital and increasing investment in infrastructure.

Keywords: Economy,