{"url":"https://newsforagent.com/news/2026-10-21/samruk-kazyna-moodys-note-programme-rating","markdown_url":"https://newsforagent.com/news/2026-10-21/samruk-kazyna-moodys-note-programme-rating.md","title":"Samruk-Kazyna's $1.5 billion Note Programme Rated Baa1 by Moody's","headline":"Moody's Assigns Provisional Baa1 to Samruk-Kazyna's $1.5 Billion Note Programme","description":"Moody's assigned a provisional Baa1 rating to Samruk-Kazyna's $1.5 billion senior unsecured note programme, with Baa1 ratings on three proposed issuances.","section":"Earnings & Results","published_at":"2026-10-21T00:36:51+00:00","modified_at":"2026-10-21T00:36:51+00:00","author":"News Desk","key_takeaways":["Moody's Ratings assigned a provisional Baa1 rating to Samruk-Kazyna's $1.5 billion senior unsecured Medium Term Note programme.","The programme rating aligns with Samruk-Kazyna's Baa1 long-term issuer rating, which tracks Kazakhstan's sovereign rating.","Trend's calculations put the $1.5 billion programme at 1.18% of Kazakhstan's $127.3 billion in combined foreign assets."],"companies":[{"name":"Samruk Kazyna","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0008g8o/samruk-kazyna","website":"https://www.sk.kz"},{"name":"Moody's Investors Service","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0005xsd/moody-s-investors-service","website":"https://www.moodys.com"}],"source":{"publisher":"Trend","title":"Moody’s assigns (P)Baa1 rating to Samruk-Kazyna’s $1.5B note programme","url":"https://www.trend.az/casia/kazakhstan/4237207.html"},"other_sources":[],"tags":["Earnings & Results","Samruk Kazyna","Moody's Investors Service"],"body_markdown":"Moody's Ratings has assigned a provisional Baa1 rating to a newly established $1.5 billion senior unsecured Medium Term Note programme from Kazakhstan's sovereign wealth fund Samruk-Kazyna JSC, with Baa1 instrument ratings on three proposed note issuances under the programme. [Trend](https://www.trend.az/casia/kazakhstan/4237207.html) reported the rating on October 21.\n\n## Moody's Ties Samruk-Kazyna Rating to Kazakhstan\n\nMoody's said the programme rating is aligned with [Samruk-Kazyna](https://akta.pro/company-profiles/0008g8o/samruk-kazyna)'s long-term issuer rating of Baa1, which is aligned with the sovereign rating of the Government of Kazakhstan, the fund's sole shareholder. The agency does not assign the fund a standalone Baseline Credit Assessment, citing its special legal status, including a right of first refusal on strategic asset sales, and \"the government's track record of support for the fund.\"\n\nThe stable outlook on Samruk-Kazyna mirrors the stable outlook on Kazakhstan, reflecting what Moody's described as the government's \"very high\" capacity and willingness to provide timely support on a sustained basis. [Moody's Investors Service](https://akta.pro/company-profiles/0005xsd/moody-s-investors-service) affirmed Housing and Urban Development Corp Ltd's Baa3 issuer and senior unsecured medium-term note program ratings on October 15, with a stable outlook tied to India's sovereign rating, according to TradingView.\n\nTrend's calculations show the proposed $1.5 billion bond programme equals 1.18% of Kazakhstan's combined foreign assets, which stood at $127.3 billion at the end of the second quarter of 2026. That total comprised $62.2 billion in the National Bank's foreign-currency reserves and $65.1 billion in National Fund assets. Against the National Fund's assets alone, the programme equals 2.3%.\n\n\"We could upgrade Samruk-Kazyna's rating if Kazakhstan's sovereign rating is upgraded, provided there is no deterioration in the government's capacity and willingness to provide timely support, and the fund's liquidity remains strong,\" Moody's said. The agency said it could downgrade the rating if it downgrades Kazakhstan's sovereign rating, lowers its assessment of government support capacity or willingness, or if the fund's consolidated financial metrics or liquidity deteriorate significantly.\n\n## Samruk-Kazyna's Recent Funding and Deal Activity\n\nAccording to akta.pro [company records](https://akta.pro/company-data), Samruk-Kazyna completed a debut panda bond issuance in mainland China in April 2026, raising 3 billion yuan (approximately $435 million) at a 2.18% annual rate with a three-year maturity. The same records list $82 billion in assets under management as of April 2026 and $5.3 billion in 2024 net profit, up 40% year-on-year.\n\n## Samruk-Kazyna's Financial Results and Procurement\n\nSamruk-Kazyna reported 12.5 trillion tenge ($27.24 billion) in revenue for January-July 2026, 5% above plan, at a board meeting chaired by Prime Minister Olzhas Bektenov, Trend reported in August 2026. EBITDA was 7% above plan and net profit 4% above plan. The Astana Times reported the same month that the board reviewed the fund's first seven months of 2026, which exceeded targets.\n\nTrend reported in August 2026 that Samruk-Kazyna nearly doubled procurement from Kazakhstani manufacturers to 2.17 trillion tenge in 2025, with purchases continuing to expand in the first half of 2026 through more than 8,900 contracts signed the prior year.\n\n## What Moody's Said Comes Next\n\nMoody's said any upgrade would depend on an upgrade of Kazakhstan's sovereign rating, no deterioration in the government's capacity and willingness to support, and strong fund liquidity. A downgrade could follow a sovereign downgrade, a lower assessment of government support, or significantly weaker consolidated financial metrics or liquidity.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}