S&P drops Kazakh Agrarian Credit

Standard & Poor's said it lowered its long- and short-term term counterparty credit ratings on Kazakh Agrarian Credit Corp. to BB+/B from BBB-/A-3.

At the same time, the ratings were removed from CreditWatch, where they were placed with negative implications on Oct. 2, the agency noted.

In addition, S&P said it affirmed its kzAA national-scale rating on Kazakh Agrarian Credit, The outlook is stable.

These rating actions follow the recent downgrade of the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3, national-scale rating kzAAA), the agency said, adding that Kazakh Agrarian Credit is 100% state-owned through Kazagro Holding.

Given its public policy-based mandate of providing credit to rural mutual credit associations throughout Kazakhstan, Kazakh Agrarian Credit receives strong government support through capital injections secured until 2010, the agency said.

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