S&P downgrades KazAgro to BB-

S&P said it lowered the long-term foreign and local currency issuer credit ratings on KazAgro National Management Holding to BB- from BB+ and affirmed the short-term foreign and local currency issuer credit ratings at B.

The outlook is negative.

At the same time, the agency downgraded the Kazakhstan national scale rating to kzBBB+ from kzAA-.

S&P said the downgrade primarily reflects its view of the gradual decline in the Kazakhstani government's willingness to provide resources for timely debt service to the government-related entity (GRE) sector in case of need. This is evidenced by the authorities' comparatively limited involvement in ensuring a timely payment on the obligations of several GREs in Kazakhstan over the past 18 months.

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