The international rating agency Fitch Ratings has affirmed the long-term credit ratings of Samruk-Energy joint-stock company in foreign currency and in local currency at ‘BB+’ with a “Stable” outlook.
The affirmation of the ratings reflects improvements in the operating performance of the company as well as continued support from the state. Planned measures include capital injections from Samruk-Kazyna joint-stock company and the provision of state guarantees on debt obligations to enable the implementation of a large-scale investment program in the coming years.
Fitch Ratings assesses the role of state policy in relation to the company as “very strong”. Samruk-Energy joint-stock company accounts for approximately thirty-four percent of electricity generation and forty percent of coal production in the Republic of Kazakhstan, while also being one of the country’s largest employers and a responsible operator of numerous strategic projects carried out in the national interest.
The affirmed ratings also reflect consistent actions of the management of the company aimed at enhancing operational efficiency, the implementation of measures to improve tariff-setting mechanisms, and the existence of approved individual capacity tariffs under investment agreements for power plants.
In addition, the international rating agency notes the increasing share of international financial institutions in the debt portfolio of the company, which underlines the high quality of its debt profile. At the same time, Fitch Ratings emphasizes that Samruk-Energy joint-stock company has more than sufficient liquidity and cash reserves to fully cover all of its short-term obligations.
Samruk-Energy joint-stock company continues to confirm its status as a key player in the energy sector of the Republic of Kazakhstan, delivering on the strategic objectives of the state and ensuring the sustainable development of the industry.
