S&P revises upwards Kazakhstans ratings.

By bne IntelliNews December 28, 2010
S&P raised long-term foreign and local currency sovereign ratings by one notch each to BBB and BBB+ respectively. The agency noted that the Kazakh government preserved its credit standing following several bank failures during the world economic crisis. At the same time, S&P added that the likelihood that oil output doubles by 2020 helps underpin its view that GDP will average grow over 7% y/y between 2011 and 2013. This would lead to improvement in the countrys fiscal position. According to the agency, high commodity prices and rising exports volumes will support the governments infrastructure and development projects and enable it to balance its budget by 2012. The outlook on the rating is stable. This reflects S&P expectation that the Kazakh government will continue to manage its economic and related financial sector challenges without impairing its own fiscal or external positions.

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