March 12, 2023

Fitch Ratings assigned SEC Almaty a credit rating at the level of "BBB-"

ALMATY. CBONDS - The international rating agency Fitch Ratings has confirmed the long-term issuer default ratings ("IDR") of JSC "Social and Entrepreneurial Corporation "Almaty" in foreign and national currency at the level of "BBB-", the forecast is "Stable".

Taking into account the important public mission of SEC Almaty, a key regional development institution, Fitch analysts assigned SEC Almaty a rating of "BBB-".

According to the information provided on the official website of the rating agency, SEC Almaty is a stable business structure that contributes to the stable socio-economic development of the city through the implementation of social projects, support and stimulation of small and medium-sized businesses, renovation of dilapidated housing and food security.

Analyzing the company's activities, Fitch evaluates the SEC of Almaty based on the methodology of rating companies associated with the state, since the Akimat of Almaty is the sole shareholder of the corporation.

Currently, within the framework of the concept of the Development Program of the SEC of Almaty until 2025, the corporation strives to become a key institution for the development of the city, supporting business, implementing priority socially significant and investment projects of the city.

The rating "BBB-" is an investment category, meaning satisfactory creditworthiness, currently low expectations for credit risks, positive ability to repay financial obligations on time.

Source: CBONDS