Fitch Ratings assigns expected rating of 'BBB(EXP)' to Kazakhstan’s forthcoming Eurobonds
/Fitch Ratings, London, September 19, 2019, heading by KASE/ – Fitch Ratings has 
assigned Kazakhstan forthcoming EUR notes under the USD10 billion Global Medium 
Term Note Program an expected rating of 'BBB(EXP)'.

The final rating is subject to the receipt of final documentation conforming to 
information already received.

KEY RATING DRIVERS

The expected rating is in line with Kazakhstan's Long-Term Foreign-Currency Issuer 
Default Rating (IDR) of 'BBB', which has a Stable Outlook.

RATING SENSITIVITIES

The notes' rating will be sensitive to any changes in Kazakhstan's Long-Term 
Foreign-Currency IDR.

Fitch affirmed Kazakhstan's Long-Term Foreign- and Local-Currency IDRs at 'BBB' 
with a Stable Outlook in September 2019.

* Full version of the press release is posted on Fitch Ratings website.

[2019-09-20]