S&P ups Kazakhstan

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on The Republic of Kazakhstan to BBB from BBB- and its long-term local currency sovereign credit rating to BBB+ from BBB.

At the same time, the agency said it raised its short-term local currency rating on the sovereign to A-2 from A-3.

In addition, the A-2 short-term foreign currency rating and the kzAAA Kazakhstan national-scale rating on the sovereign were affirmed, S&P said.

The outlook is stable.

"The upgrade is based on ongoing improvements in Kazakhstan's general government balance sheet," said S&P credit analyst Luc Marchand.

"Kazakhstan's economy is still benefiting from the current high oil prices, while the government continues to handle concomitant challenges to macroeconomic stability prudently."

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