Moodys upgrades outlook on Kazakhstan sovereign rating to stable.

By bne IntelliNews April 7, 2010
Moodys moved the outlook on Kazakhstans Baa2 sovereign rating to stable from negative. The agency considers that the Kazakh government has weathered the worst of the crisis in a way consistent with an investments grade rating by protecting its creditworthiness but forcing credit restructuring on to the countrys banking system. At the same time, Moodys lowered the countrys foreign currency bond ceiling by one notch to Baa2 (the same level as the sovereign rating), while the FC bank deposit ceiling was kept at Ba1. This was reasoned by the fact that crisis management in Kazakhstan focuses primarily on protecting the government's balance sheet, according to Moodys. The agency summoned that overall, the Kazakh governments fiscal conservatism has persisted alongside a proactive crisis management framework and this has enabled authorities to withstand financial shocks, without depending on external assistance or damaging long-term sovereign credit fundamentals.

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