S&P ups Kazakhstan view to positive

Standard & Poor's said it revised its outlook on the Republic of Kazakhstan to positive from stable, on an increasing government net asset position and strong growth prospects, which outweigh the contingent liability risk stemming from high credit growth and external borrowing in the banking sector.

At the same time, the BBB- long-term and A-3 short-term foreign currency and the BBB long-term and A-3 short-term local currency sovereign credit ratings on Kazakhstan were affirmed, the agency said.

S&P added that the ratings on Kazakhstan reflect the government's strong balance sheet and prudent fiscal policy stance, robust external liquidity and good growth prospects, buoyed by high oil prices.

Institutional and governance weaknesses, along with a weak economic structure, remain key constraints on the ratings, according to the agency.

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