We maintain our recommendation to BUY Eurobonds of KTZ at levels in close proximity to or lower than nominal, as their yield exceeds rates on foreign currency deposits. The improvement in financial performance in 2017 and the results of the first quarter of 2018 emphasizes the Company's ability to fulfil its debt obligations. In general, the cash flow analysis confirms KTZ's ability to service its debt in the medium term, while the government support remains to be a pivotal factor that guarantees the return of investors' funds.

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