Fitch ups Kazakhstan Housing

Fitch Ratings said it upgraded Kazakhstan Housing Co.'s (formerly Kazakhstan Mortgage Co.) long-term foreign- and local-currency issuer default ratings to BBB from BBB-. The agency also upgraded government-owned KHC's outstanding senior debt's long-term rating to BBB from BBB-.

“The upgrade reflects Fitch's view of KHC's higher political and social sensitivities, following the organization’s new status as a unified housing development operator. This is because KHC's new role has led to a contraction of the number of substitutes and consolidation of the housing sector in Kazakhstan (BBB/stable) under KHC's umbrella,” the agency said in a press release.

The outlook is stable.

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