03.12.2012, 11:45 3801

S&P affirms Kazakhstan ratings at 'BBB+/A-2', outlook stable

Kazakhstan's commodity exports will continue to support the economy and allow it to maintain twin fiscal and external surpluses. Generally, its economic fundamentals remain strong despite the slowdown in 2012.

New York. December 3. Kazakhstan Today - On November 30, 2012, Standard & Poor's Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Kazakhstan at 'BBB+/A-2'. The outlook is stable.

According to S&P's press release, "Kazakhstan's commodity exports will continue to support the economy and allow it to maintain twin fiscal and external surpluses. Generally, its economic fundamentals remain strong despite the slowdown in 2012."

"Political risks and significant contingent liabilities related to the financial sector, as well as the rising debt of state-owned and state-related enterprises, constrain the ratings," the press release reads.

"We are therefore affirming our long- and short-term foreign and local currency sovereign credit ratings on Kazakhstan at 'BBB+/A-2'," S&P writes.

"The stable outlook reflects our expectation that Kazakhstan's economic growth will remain stronger than peers, and that high global commodity prices and public-sector spending will continue to sustain the economy and underpin the sovereign's fiscal and external positions," S&P reports.

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