Moody’s unifies Kazakhstan’s government ratings at Baa2, outlook negative

Moody’s Investors Service has downgraded Kazakhstan’s local currency government rating to Baa2 from Baa1, the same as its foreign currency rating, and changed the outlook to negative. The rating action reflects continuing fragility in the Kazakh banking system because of its large short-term foreign currency debt obligations.

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Kazakhstan Local Currency Credit Rating Cut to Baa2 by Moody’s

Jonathan Schiffer, a Moody’s vice president: “Shortfalls in government revenues connected with worsening growth prospects may come at a time of increasing stresses in the banking system, as non-performing loans grow rapidly. The government’s financing gap may widen considerably because of overly optimistic forecasts for the budget outcome.’’

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Address by the President of the Republic of Kazakhstan H.E. Mr. Nursultan Nazarbayev to the Nation

We have been able to resist the crises of various scale and scope. As we look back, it was certainly no easy task to build a brand new state for us after the Soviet Union collapsed. Restoring a badly-deteriorated economy, putting it on a new path of development was, in a way, not unlike creating mountains on flat ground.

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The Constitution of the Republic of Kazakhstan

We, the people of Kazakhstan, united by a common historic fate, creating a state on the indigenous Kazakh land, considering ourselves a peace-loving and civil society, dedicated to the ideals of freedom, equality and concord, wishing to take a worthy place in the world community, realizing our high responsibility before the present and future generations, proceeding from our sovereign right, accept this Constitution.

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