OREANDA-NEWS. Fitch Ratings has today affirmed Kazakhstan-based Astana Finance's ratings at foreign and local currency Issuer Default 'BB+', Short-term foreign currency 'B', senior unsecured 'BB+', National Long-term 'A+(kaz)', Individual 'D/E' and Support '3'. The Outlooks on the Issuer Default and National Long-term ratings are Stable.

AF's Issuer Default, National and Support ratings reflect Fitch's opinion that there is a moderate likelihood that support would be made available to it from the municipality of Astana (not rated) or potentially the Kazakhstani sovereign (rated foreign currency Issuer Default 'BBB'/Positive Outlook), in case of need.

The municipality of Astana has been supportive of AF to date in terms of equity injections, subsidised funding, and first refusal on investments, among others. A letter of comfort from the municipality of Astana has been included in each eurobond prospectus of AF.

However, the municipality of Astana itself has relatively limited funds specifically set aside that might be used to support AF.