International rating agency S&P Global Ratings has affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Kazakhstan, the forecast is 'stable.'
"The stable outlook reflects our expectation that, over the next two years, Kazakhstan's government and external balance sheets will remain robust," Interfax cited S&P Global Ratings as saying.
The agency has also affirmed its 'kzAAA' national scale rating on Kazakhstan. The transfer and convertibility assessment on Kazakhstan remains 'BBB'.
The rating agency may raise the ratings if Kazakhstan's monetary policy effectiveness improves significantly, for example due to a material strengthening of the banking system, including further improvements in regulatory oversight and reduced concentration in lending to single borrowers.
"A prolonged and sharp fall in oil prices or production, beyond our expectations, could put the ratings under pressure if it led to deterioration of Kazakhstan's external performance," the report says.
