Kazakhstan Temir Zholy Retains Fitch Rating Amid Stable Outlook
The rating reflects KTZ's systemically important role in Kazakhstan's transport network, as well as the stability of its financial performance. The Stable Outlook indicates expectations that the national rail operator will maintain a solid financial profile in the medium term.
Fitch noted that a further reduction in debt levels, growth in EBITDA, and improved coverage ratios could have a positive impact on KTZ's standalone credit profile going forward.
The agency also assessed the company's ESG factors in line with its methodology, highlighting the relevance of environmental, social, and governance considerations within its overall rating analysis.
Fitch's assessment is based on an analysis of KTZ's operational results and financial data, prepared in accordance with the agency's international rating criteria.
Total cargo volumes transported via Kazakhstan Temir Zholy (KTZ) reached 287.9 million tons from January through November 2025, which is a 4% increase compared with the same period in 2024.
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