Fitch Affirms Baiterek at 'BBB' Outlook Stable

On October 20, 2025, Fitch Ratings has affirmed JSC National Management Holding Baiterek's Long-Term Foreign- and Local-Currency Issuer Default Ratings at 'BBB' with Stable Outlooks.

The affirmation reflects Fitch's view of 'virtually certain' extraordinary support from Kazakhstan (BBB/Stable) for Baiterek under Fitch's Government Related Entities (GRE) Criteria, given its important policy mission as a holding company of development institutions.