S&P turns Kazakhstan to negative

S&P said it revised its outlook on Kazakhstan to negative from stable and affirmed the BBB- long-term foreign- and local-currency sovereign credit ratings. The agency also affirmed the kzAAA long-term national scale rating on Kazakhstan.

“In our view, Kazakhstan remains vulnerable to potential disruptions to the Caspian Pipeline Consortium (CPC) pipeline, which the country relies on for about 80% of its oil exports. If Kazakhstan's oil export capacity is reduced for a prolonged period, this could negatively affect external and fiscal metrics. An increasing reliance on domestic funding and rising borrowing costs could further increase the government's debt-servicing burden and weigh on its fiscal accounts,” S&P said in a press release.

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