“Despite a strong uncertainty of the economic situation worldwide and in the region, the credit rating of Kazakhstan is at the level of Baa3, the forecast is “positive”. Initially, this rating was assigned to the country in August 2019,” Moody's noted.
According to the agency, a low level of public debt, significant fiscal reserves, high potential for economic growth and household income, flexibility and efficiency of the government in shaping anti-crisis measures and ensuring fiscal sustainability are the factors that keep the Baa3 status and a positive outlook.
The Moody’s analysts also positively assessed the high growth potential of the economy in both mining and processing sectors noting the positive growth rates of the real sector in 2020.
“With this dynamics the agency notes the probability of raising the credit rating of Kazakhstani economy. The factors mounting the potential for this are: readiness to further reform the institutional environment, measures to further diversify the economy, and increase the stability of the banking sector,” they summed up in Moody's.
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