Summary: Kazakhtelecom (JSC) Nov 11

Standard & Poors, November 2011

Abstract
The 'BB' rating on telecommunications operator Kazakhtelecom (JSC) is based on the company's stand-alone credit profile (SACP), which we assess at 'bb-', and on our view that there is a "moderately high" likelihood that the government of the Republic of Kazakhstan (BBB+/Stable/A-2; Kazakhstan national scale 'kzAAA') would provide timely and sufficient extraordinary support if the company were to encounter periods of financial distress. Kazakhtelecom's SACP is constrained by weak macroeconomic conditions in Kazakhstan, where growth is limited in the consumer-oriented segments, and its own relatively weak operating performance and declining profitability. In addition, it reflects the company's exposure to foreign--exchange and interest-rate risk. On June 30, 2011, the company's adjusted debt was Kazakhstani tenge (KZT) 73.6 billion ($0.5 billion). The...

Companies mentioned in this report are: Kazakhtelecom (JSC)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Kazakhtelecom (JSC)

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