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Thursday, 5 december 2019
Fitch ratings assigned a credit rating to the city of Almaty
16 september 2019

Almaty received an investment rating "BBB" (on par with Kazakhstan’s sovereign rating) from Fitch Ratings, one of the world’s three major international ratings agencies.


Following the conducted analysis of Almaty’s economy, budget and credit profile over the last five years, Fitch assigned the investment grade “BBB” in terms of Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs), and a Standalone Credit Profile (SCP) of “BBB+”https://www.fitchratings.com/site/pr/10088964.

According to Fitch’s international rating scales, “BBB” represents a good credit quality of the issuer, indicating current low expectations of the credit risk.

The new rating is an acknowledgement of the city’s efforts, supported by International Finance Cooperation (IFC, a member of the World Bank Group) through its Europe and Central Asia (ECA) Cities Program, to identify long-term private finance solutions that support the city’s ambitious infrastructure program. ECA Cities Program partners with municipalities to facilitate green and sustainable municipal infrastructure development and improve key services including in public transportation, water, sanitation and waste management, energy efficient and smart city technologies.  

As part of its work with the city, IFC provided guidance and recommendations to Almaty in preparing relevant documentation for applying for an international credit rating and throughout the process of obtaining a rating. An international credit rating is crucial to provide investors with an indication of Almaty’s creditworthiness and fulfilment of its financial obligations and is a first step of strategic partnership between IFC and Almaty to pave the way for long-term, non-sovereign financing solutions for major infrastructure projects. This work is being implemented in close partnership with the World Bank, which brings its extensive urban infrastructure and policy expertise to the partnership.  

«Receiving an international credit rating is an important step in enhancing the city’s ability to attract commercial long-term financing for its growing investment needs. IFC’s objective is to spur investment in modern infrastructure and help Almaty deliver efficient and sustainable services to improve the quality of life of its residents», - Cassandra Colbert, IFC’s Regional Manager for Central Asia.

Almaty’s credit rating will be included in the list of leading world capitals assessed by Fitch Ratings to draw the attention of international business communities and financial institutions.

«A high credit rating creates a favorable investment climate in the city of Almaty and facilitates the establishment of a promising investment platform for business initiatives. It is worth noting that we aim to further improve the current SCP “BBB+” up to the higher investment levels and leverage long-term financing from world leading international financial institutions», - says Usserov Ilyas, Deputy Mayor.

IFC and the Mayor’s Office of the City of Almaty signed an agreement in February in which IFC would help support the municipality in accessing long-term capital and ramping up its investments in critical infrastructure.

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