Fitch ups Kazakhstan view to positive

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

Kazakhstan's recent economic performance has been impressive, Fitch said, and the economy grew at an annual average rate of 10.3% from 2000 to 2005, a period over which GDP per head in dollar terms trebled.

Fitch said it expects the economy to grow by another 9.5% in 2006, driven by rapid development of the country's oil sector. But the agency said it does have some concern that Kazakhstan's fast-growing economy could start to overheat.

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