Fitch Affirms Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna at 'BBB+'; Outlook Stable

MOSCOW/MILAN/LONDON, October 10 (Fitch) Fitch Ratings has affirmed Kazakhstan's Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna's (SK) Long-term foreign currency Issuer Default Rating (IDR) at 'BBB+', Long-term local currency IDR at 'A-', National Long-term rating at 'AAA(kaz)' and Short-term foreign currency IDR at 'F2'.

Kazakhstan Wealth Fund Sued in U.S. by BTA Bank Investors

Investors in BTA Bank (BTAS), Kazakhstan’s third-largest bank by assets, accused its controlling shareholder, the Central Asian nation’s sovereign wealth fund Samruk-Kazyna, of defrauding them.

Kazakhs to Protect BTA Bank From Default, Wealth Fund Says

Kazakhstan’s sovereign wealth fund Samruk-Kazyna will inject cash into BTA Bank if the lender requires financing to avoid a second default, an official said.

“I don’t think BTA Bank will have to restructure debt or face bankruptcy, but we will provide financing to BTA if needed,” Aidan Karibzhanov, a deputy chief executive officer at Samruk-Kazyna, said in an interview in Astana. The fund hasn’t considered how it would inject money into the lender, he said.