Fitch Ratings has affirmed the long-term credit rating of JSC Samruk-Energy in both foreign and local currencies at "BB+" with a "Stable" outlook.
The rating affirmation is based on positive expectations regarding the company’s operational performance and strong government support. In 2024, the state transferred two hydropower plants to Samruk-Energy, and equity injections from “Samruk-Kazyna” JSC are planned to support the company’s investment plan in the coming years.
The agency assesses the role of state policy as "strong," given that Samruk-Energy is responsible for approximately 34% of Kazakhstan's electricity production and 40% of coal extraction, while also being a major employer and implementing several strategic projects for the state.
The confirmed rating also considers the ongoing policy of tariff increases, the presence of approved individual capacity tariffs for completed projects, and new investment agreements for projects such as SDPP-1, SDPP-2, and APP, which are set to take effect in 2025 and 2027, respectively.
Additionally, the agency notes the increasing share of international and local financial institutions in the company’s credit portfolio, indicating a high-quality debt profile. At the same time, the agency emphasizes that Samruk-Energy has sufficient liquidity and cash reserves to fully cover its short-term obligations.