The international rating agency Fitch Ratings has reaffirmed the long-term issuer default rating (IDR) of the Social Entrepreneurial Corporation "Almaty" (SEC "Almaty") in both foreign and national currency at the level of "BBB-" with a "Stable" outlook.
The "BBB-" rating, which falls within the investment category, indicates a sufficient level of the company's creditworthiness and low expectations regarding credit risks, as stated in the city's akimat announcement.
"The confirmation of the rating reflects Fitch's view of the 'extremely high' likelihood of extraordinary support for SEC 'Almaty' from the city, given the corporation's key role in the socio-economic development of the metropolis. In the medium term, the rating agency also does not expect changes in these relations," the akimat noted.
They also pointed out that SEC "Almaty" remains the only social entrepreneurial corporation in Kazakhstan with an international credit rating.
SEC "Almaty" is implementing priority social and investment projects significant for the city, including financing local micro, small, and medium enterprises, renovating dilapidated housing, developing an industrial zone, and stabilizing prices for socially important food products.
In December 2024, the international rating agency S&P Global raised the ESG rating of SEC "Almaty."
It is noteworthy that the subsidiary of SEC "Almaty," LLP "Almaty Finance," is allocating 500 million tenge for the reconstruction of the "Tigrohaud" clothing market in the Auezov district of Almaty.
Previously, it was reported that 2.2 trillion tenge is planned to be attracted to the Almaty economy by 2025.