National Company Kazakhstan Temir Zholy JSC -- Moody's will not revise its state support assumptions for National Company Kazakhstan Temir Zholy JSC

London, 26 October 2016 -- Moody's Investors Service will not revise its "high" assumption of state support for National Company Kazakhstan Temir Zholy JSC (KTZ) following a delayed payment from KTZ's subsidiary, Vostokmashholding (VMZ, not rated), to the creditor bank, Halyk Savings Bank of Kazakhstan (Halyk, Ba2 long term bank deposit rating, negative), in June this year under a KZT10.6 billion (approximately $32.0 million) credit line. The incident has not led to a declaration of default by Halyk, as confirmed by the bank in writing. The loan in question, granted for the modernisation of railcar production at VMZ in 2012 and partially guaranteed by KTZ, was restructured by the parties in July 2016, and was reclassified as a long-term obligation. The new loan matures in 2020, with a grace period for principal and interest payments until February 2018. The outstanding amount guaranteed by KTZ is KZT4.6 billion (approximately $12.0 million).

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