S&P revises KazAgro to stable

S&P said it revised the outlook on KazAgro National Management Holding JSC to stable from negative and affirmed the BB-/B long- and short-term foreign and local currency issuer credit ratings.

The agency also affirmed the Kazakhstan national scale rating at kzBBB+.

S&P said the assessment of the group credit profile is at bb+, one notch lower than the BBB- sovereign credit ratings on Kazakhstan, which balances the negative trends in the Kazakhstan GRE sector against the still sizable risks for the government if it does not bail out the entities within the KazAgro group if they are under stress.

The stable outlook on KazAgro mirrors our outlook on the sovereign ratings on Kazakhstan.

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