The international rating agency Fitch Ratings has confirmed the long-term issuer default rating (IDR) of JSC Social and Entrepreneurial Corporation Almaty (SEC Almaty) in foreign and national currency at the level of BBB- with a Stable outlook.
The "BBB-" rating, which belongs to the investment category, indicates a sufficient level of creditworthiness of the company and low expectations for credit risks.
The confirmation of the rating reflects Fitch's opinion about the "extremely high" probability of emergency support for SEC Almaty from the city, given the corporation's key role in the socio-economic development of the metropolis. In the medium term, the rating agency also does not expect any changes in these relations.
SEC Almaty remains the largest urban development institution implementing socially significant and investment projects that are priorities for the city, including financing local micro, small and medium-sized businesses, renovation of dilapidated housing, development of an industrial zone, as well as price stabilization for socially significant food products.
Fitch notes the absence of similar organizations capable of performing the functions of SEC Almaty, which increases the strategic importance of the corporation for the city.
At the moment, SEC Almaty remains the only social and entrepreneurial corporation in Kazakhstan with an international credit rating.