Moody's upgrades Kazakhstan's rating to highest in country’s history

Astana, Sep 9 (EFE).- Moody's Ratings on Monday raised Kazakhstan's long-term rating from Baa2 to Baa1 with a “stable” outlook, the highest in the country's history, the Kazakh Ministry of Economy said in a statement.

According to the ministry, Kazakhstan's new credit rating is due to continued improvements in the institutional and political framework, accompanied by a steady pace of economic diversification.

Moody's “notes progress in the areas of public administration and anti-corruption” and highlighted “Kazakhstan's strong financial performance, characterized by low levels and high affordability of debt, and the government's prudent policy to keep the budget deficit between 2.5% and 3% of GDP,” the ministry's press release adds.

The credit rating agency's report underscored an increase in the share of the non-oil sector of the Kazakh economy, which reduces the country's dependence on hydrocarbons and reduces the risks associated with fluctuations in oil prices and production.

The Kazakh ministry stressed that Moody's experts appreciate the ongoing work to improve the business climate and attract investment, as well as measures to encourage a favorable business ecosystem and reduce bureaucratic barriers.

In this regard, the rating agency indicated that the launch of the National Digital Investment Platform will help streamline administrative processes. EFE

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