The Moody’s Credit Rating Agency has affirmed Kazakhstan’s credit rating at Baa3, positive, even though the economic uncertainty in the region and entire world is still there. According to the Primeminister.kz website, the new rating reflects the pre-pandemic rate.
According to Moody’s, the main factors for the rating at Baa3 are a low level of government debt, significant financial reserves, high potential of the national economy and people’s income as well as the ability of the country’s government to be flexible and take effective measures to fight the crisis and support fiscal sustainability.
As the rating agency’s experts noted, both extractive and processing industries in Kazakhstan have shown a positive dynamic of growth over 2020. These achievements have helped make the country stronger and better prepared against possible shocks in the economy amid the pandemic. Moreover, Kazakhstan’s government demonstrates its readiness to go further in reforms, economic diversification and increasing sustainability of the banking sector. These factors have also been taken into account by the rating agency.
Kazakhstan was rated at Baa3 in August 2019. In February this year, the rating has been affirmed once again at the same level.