Fitch affirms Social Entrepreneurship Corporation Almaty rating at "BBB-" with stable outlookFitch Ratings has affirmed the long-term issuer default rating (IDR) of Social-Entrepreneurial Corporation Almaty (SEC Almaty)  at "BBB-" with a stable outlook.The rating reflects Fitch's view of the corporation's "extremely likely" support from the City of Almaty, "given its tight links with the city and important public mission as a development institution."SEC Almaty, fully owned by the city, plays a key role in urban housing reconstruction, food security, and price stabilization programs. In 2022, it received 61.4 billion tenge in capital injections for housing projects and benefits from land and property allocations. Additionally, it secured 12 billion tenge in low-cost budget loans by the end of 2024 to support small and medium-sized enterprises (SMEs) and food security programs.Fitch warned that a default by SPK Almaty could negatively impact the city’s and other government-related entities' (GREs) access to capital markets and funding costs. The agency may downgrade the corporation’s rating if Almaty’s rating is lowered or if ties between SPK and the city weaken. Conversely, an upgrade could occur if Almaty’s rating improves, support from the city increases, or SPK’s standalone credit profile (SCP) strengthens significantly due to sustained financial improvements.SEC Almaty operates under the oversight of Almaty’s mayor and city government, aligning its goals with the city’s development strategy. It regularly reports its activities and debt to local authorities. (ICE ALMATY)

Fonte notizia: INTERFAX