^ top
 
Home А А А
Қаз Рус Eng   
 
     
   
 
Wednesday, 19 february 2020
 
     
 
News
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.

  «« | »» «  | All news


B. Sagintayev: The celebration of the 1150th anniversary of Abu Nasr al-Farabi - an expression of respect for the heritage of a Great thinker of the Kazakh land »»
30 january 2020 - 15:16
In 2020, the 1150th anniversary of a world-famous philosopher, the great thinker Abu Nasr al-Farabi is being celebrated. The opening of the year took place in Almaty.   Akim of Almaty, Bakytzhan Sagintayev, noted that the event is a veneration and expression of respect for the spiritual heritage of the great thinker of the Middle Ages, encyclopedist and philosopher Abu Nasr al-Farabi, who made an invaluable contribution to the development of science and civilization in the world. “We take pri...
A Programming school will open in Almaty
30 january 2020 - 15:05
This was announced by the Akim of Almaty Bakytzhan Sagintayev on his official Twitter account.   The implementation of the project to create an advanced programming school was discussed during a bilateral meeting with one of the founders of the Paris school "42" and the educational platform "01 Edu System" Nicolas Sadirac. “We discussed the creation of a programming school in Almaty. The unique experience and methodology of digital learning will help our talented youth real...
The digitalization experience of London will be used in Almaty
30 january 2020 - 15:37
The Akim of Almaty Bakytzhan Sagintayev announced this on his official Twitter account.   The exchange of experience and the application of best practices were discussed at a bilateral meeting of Bakytzhan Sagintayev with Chris Ferguson, director of the UK Government Digital Service. “We discussed issues of cooperation and exchange of experience on the implementation of the Smart City concept in Almaty, in the areas of ecology, transport and public safety, as well as education and the training...
 
     
   
 
 
 
Kazpost Services
 
 
 
 
 
 
All rights for materials contained on this site are reserved by Administration of Almaty
©2005-2019 Republic Square, 4 050001 Almaty, RK, Information contents and support: Press- service of Mayor of Almaty Telephone of Press-service of Almaty Mayor: +7 (727) 271-65-56