S&P rates GNPF credit BB, kzA+

Standard & Poor's said it assigned Kazakhstan-based, state-owned GNPF a BB long-term counterparty credit rating, a BB financial strength rating and a kzA+ Kazakhstan national scale rating.

The outlook is stable.

The ratings reflect the risk of investment underperformance relative to the investment benchmark and the company's volatile operating performance, the agency said.

The ratings are supported, however, by GNPF's strong management, adequate competitive position, good liquidity and the good credit quality of its investments, S&P said.

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