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Analytical Credit Rating Agency affirmed Kazakhstan's credit rating at BBB+, outlook stable

Wednesday, 04 August 2021, 11:08:07

Analytical Credit Rating Agency has affirmed the long-term credit rating of the Government of the Republic of Kazakhstan in foreign and national currencies at BBB+.

The outlook for the long-term credit rating is Stable. Outlook Stable assumes, with the highest degree of probability, that the rating will remain unchanged over the horizon of 12-18 months.

According to the updated ACRA report, the factors of the sustainability of the estimates were the high rates of economic growth in the current year, a significant inflow of foreign direct investment into the national economy, a low level of public debt, and a stable external position supported by significant national reserves.

ACRA expects economic growth to recover in 2021 to 3.9%. According to ACRA estimates, the growth potential of the country's economy remains high and amounts to about 4–4.5% per year.

In addition, as factors of sustainability, ACRA notes positive dynamics in the quality of institutions, both public and state.

Another positive long-term factor is the sustainable increase in human capital. According to the latest estimates of the World Bank and the UN, the human capital index of Kazakhstan exceeds the average level for the countries of Central Asia and is one of the highest within the comparable group of countries in the rating category.

For reference: ACRA was established in Moscow on Nov. 20, 2015, by the decision of the Bank of Russia. The shareholders are 27 Russian companies and financial institutions, including Raiffeisenbank, Sberbank, Alfa-Bank, Gazprombank, Moscow Exchange MICEX-RTS.


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