Fitch upgraded ratings of Kazakhstan national companies

International ratings agency Fitch Ratings has upgraded the long-term foreign currency Issuer Default Rating (IDR) of Kazakhstan Temir Zholy and foreign currency senior unsecured rating of Kazakhstan Temir Zholy Finance B.V. from ‘BBB-‘ to ‘BBB’. Besides, the IDR of KEGOC was upgraded from ‘BBB’ to ‘BBB+’. In both cases the outlook is Stable, Kapital.kz reports citing the press-service of Fitch. This upgrade followed the upgrade of Kazakhstan’s Long-term foreign currency Issuer Default Rating and Long-term local currency IDR to 'BBB+' from 'BBB' and to 'A-' from 'BBB+', correspondingly. Earlier Fitch also upgraded the rating of KazMunaiGas to ‘BBB’. Kazakhstan Temir Zholy covers half of the freight and passenger transportation in Kazakhstan. The company’s income in the first half of 2012 made 385 billion tenge ($2.6 billion), which is 16 percent more than last year. KTZ gains its profits mainly from transportation of oil and oil products (around 25 percent), coal (10 percent), black metals are ores (around 6 percent each). According to reports, KEGOC - Kazakhstan Electricity Grid Operating Company - made 54.8 billion tenge ($365 million) in 2011, which is 23.4 percent higher than previous year.