October 7, 2021

Fitch Ratings affirms the rating of SEC Almaty at 'BBB-', outlook “ Stable”

The headquarters of Fitch Ratings Ltd. stands in the Canary Wharf business and shopping district in London, U.K., on Friday, July 12, 2013. Recent data suggest Britain's economic recovery is gaining momentum after a return to growth in the first quarter. Photographer: Simon Dawson/Bloomberg

The international rating agency Fitch Ratings has affirmed the long-term issuer default ratings (“IDR”) of “Social and Entrepreneurial Corporation“ Almaty ”JSC in foreign and national currency at“ BBB- ”level. The outlook on the ratings is Stable

According to analysts of the agency, the role of the company as a tool to attract financing in the interests of the development of the city of Almaty is increasing. So in June 2021, SEC Almaty entered the external borrowing market and entered into an agreement with PJSC Sovcombank on obtaining a loan in the amount of 1.8 billion rubles. The received loan was used to finance investment projects of the SEC “Almaty”. In the longer term, the company plans to increase its international borrowings by up to 10 billion rubles.

“We are also considering the possibility of creating a direct investment fund with a private partner. This will allow us to invest in promising projects that bring social and economic benefits for the city "- said A.Bilisbekov, Chairman of the Board of Almaty SEC.

At the same time, in accordance with the Company's Development Strategy by 2025, SEC Almaty sees itself and strives to become a regional fund that effectively manages assets and provides business support to ensure the well-being of the city. The Fund will contribute to the implementation of the state policy for the development of Almaty by accumulating financial resources and directing them to the development of promising sectors of the economy, launching significant commercial and social projects for the region.