Moody's affirms Kazakhstan's rating

Moody's Investors Service affirmed the issuer and senior unsecured ratings of the Government of Kazakhstan at Baa2, and changed the outlook to stable from positive, the press service of rating agency said.

The main factors that influenced the change in outlook are slower medium-term GDP growth, due to the fall in the price of oil and the economic slowdown in Russia and China.

Also, the change was affected by the rise in dollarization in Kazakhstan's banking sector and increased pressure on Kazakhstan's foreign exchange assets and on the National Fund of the Republic of Kazakhstan assets.

According to a press release, the affirmation of the Baa2 rating reflects Kazakhstan's very high fiscal strength, high economic strength, and substantial foreign exchange assets.