S&P lowers KazAgroGarant

Standard & Poor's said it lowered the long-term issuer credit and Kazakhstan national scale ratings on KazAgroGarant to BB- and kzA- from BB and kzA. The short-term issuer credit rating is affirmed at B.

The outlook is stable. Ratings were removed from CreditWatch with negative implications, where they had been placed on CreditWatch on June 16.

S&P said the downgrade results from KazAgroGarant's weakened standalone credit profile.

Ratings also reflect expectations of support from the Kazakh government, the agency noted.

Ratings continue to be constrained by KazAgroGarant's untested business model, the exposure of its investments to the Kazakh banking sector and a high guarantee risk concentration, the agency said.

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