TEXT-S&P summary: Kazakhstan Temir Zholy

(The following statement was released by the rating agency)

May 29 -

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Summary analysis -- Kazakhstan Temir Zholy ------------------------ 29-May-2012

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CREDIT RATING: BBB-/Stable/-- Country: Kazakhstan

Primary SIC: Railroads

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Credit Rating History:

Local currency Foreign currency

24-Dec-2010 BBB-/-- BBB-/--

03-Nov-2003 BB+/-- BB+/--

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Rationale

The rating on Kazakhstan's national railway operator Kazakhstan Temir Zholy (KTZ) reflects Standard & Poor's Ratings Services' opinion that there continues to be a "very high" likelihood that the Republic of Kazakhstan (foreign currency BBB+/Stable/A-2, local currency BBB+/Stable/A-2; Kazakhstan national scale kzAAA/--/--) would provide timely and sufficient extraordinary support to KTZ in the event of financial distress.