Fitch upgrades Kazakhstan to 'BBB', outlook positive
2011-11-21 17:33:34
Rating agency Fitch Ratings on Monday upgraded Kazakhstan's sovereign credit ratings. The outlooks on the revised ratings are 'positive'.
The long-term local currency issuer default rating (IDR) was revised up to 'BBB' from 'BBB-', while the foreign currency IDR was upgraded to 'BBB+' from 'BBB'.
In addition, Fitch upgraded Kazakhstan's country ceiling to 'BBB+' and affirmed the short-term foreign currency IDR at 'F3'. Further, the rating agency said the general government would record a surplus in the range of 6 percent to 7 percent of GDP in 2011-2013, and forecast that the government would be in surplus in 2012.
"Kazakhstan's sovereign balance sheet has strengthened, with sovereign net foreign assets affording a growing cushion against revenue shocks, and underpinning the Positive Outlook," Charles Seville, director in Fitch's Sovereign team, said.