The downgrade follows the publication of Fitch’s updated Government-Related Entities (GRE) Rating Criteria on 12 January 2024 and is driven by the revision of our rating approach for SKI under the new notching matrix in the updated criteria.

Fitch Ratings has downgraded Samruk-Kazyna Invest LLP’s (SKI) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB+’. The Outlook is Stable. The ratings have been removed from Under Criteria Observation. A full list of rating actions is below.

SKI’s GRE support score was revised to 20 from 30, due to a reassessment of the ‘precedents of support’ to ‘Strong’ from ‘Very Strong’ support track record and ‘contagion risk’ to ‘n.a.’ from ‘Moderate’ financial implications of default under the previous criteria. The Standalone Credit Profile (SCP) assessment remains unchanged at ‘b’.

You can read the full list of actions on the official Fitch Ratings website.