OREANDA-NEWS. Fitch Ratings has today upgraded the Kazakhstan-based oil pipeline monopoly company JSC KazTransOil's ("KTO") Issuer Default rating ("IDR") to 'BBB-' (BBB minus) from 'BB+' and Short-term rating to 'F3' from 'B'. Following the upgrade, the Outlook is now Stable.

The upgrade is based on reported improved financial results that have led to an improvement in KTO's cash flow generation and credit ratios, thanks to revenue generated from the newly completed Atasu-Alashankou pipeline.

KTO has been the monopoly owner and operator of the Republic of Kazakhstan's oil pipeline network since 1997 and is the main provider of point-to-point oil export routing.