Fitch: Kazakhstan view to positive

Fitch Ratings said it revised the outlook on Kazakhstan's long-term foreign- and local-currency issuer default ratings to positive from stable, and affirmed the ratings at BBB- and BBB, respectively. The agency also said it affirmed the short-term foreign-currency issuer default rating at F3 and the country ceiling at BBB.

The outlook revision reflects its continuing recovery from the severe impact of the global financial crisis, which is evident in its economic growth, improved balance of payments position, some signs of stabilization in the banking system, a reduction in the budget deficit and strengthening in the sovereign's balance sheet, Fitch said.

Nevertheless, problem loans in the banking system remain a material source of risk and the main constraint on the sovereign rating, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.