Fitch Affirms Qazaqstan Investment Corporation JSC's Ratings at 'BBB-'. Outlook Stable

International rating agency Fitch Ratings has affirmed Qazaqstan Investment Corporation JSC's (QIC) Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-'. The Outlooks are Stable.

The affirmation reflects Fitch's view of 'Extremely likely' extraordinary support from Kazakhstan (BBB/Stable) for QIC due to its tight integration with the state and consolidated role of a unified alternative investment platform in the country.

An extraordinary support from Kazakhstan to QIC would be 'Extremely likely' in case of need, reflecting a support score of 35 (out of a maximum 60) under Fitch GRE criteria.

QIC's main performance indicators are the amount of investment it provides and the volume of foreign investment it attracts. QIC's strategic importance is further underscored by the expansion of its balance sheet to KZT371 billion in the first half of 2025 to finance larger priority projects.

To fund QIC investments the state injects equity, which totalled KZT197.8 billion at end-2024. Fitch expects government-related resources to remain the dominant funding source over the medium term and QIC to have sustainable access to direct and indirect (via Baiterek and/or other quasi-state institutions) state funding

The fund implements projects from renewable energy to utilities, food and manufacturing industry, infrastructure and natural resources, aiding to economic diversification away from current concentration on carbon-hydrates. Fitch deems these projects to have high socio-political significance for the state.

Fitch analysts highlight QIC's potential default would temporarily endanger the government's programmes and undermine its efforts over the past decade to develop a private-equity infrastructure in Kazakhstan.

According to Fitch's rating criteria on the national scale, the national QIC rating was also affirmed at 'AA+(kaz) '.

You can find out more by following link: https://www.fitchratings.com/research/international-public-finance/fitch-affirms-qazaqstan-investment-corporation-jsc-at-bbb-outlook-stable-10-09-2025

References:

Qazaqstan Investment Corporation JSC is a fund of direct investment funds established in 2007, whose primary mission is to promote Kazakhstan’s sustainable economic growth by attracting direct investments and supporting projects that contribute to the modernization and enhanced competitiveness of key industries. It is a subsidiary of NMH "Baiterek" JSC. Additional information can be found on the website https://qic.kz/en/.

Fitch Ratings an American corporation, known mainly as a rating agency. Value with Standard & Poor's and Moody's is included in the so-called "Big Three" international rating agencies. With a focus on providing the global credit markets with independent and forward-looking credit assessments, research and data.