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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Official rate of refinancing to make 9% per annum – G. Marchenko

Taking into consideration the tendencies on the financial market and reduction of annual rate of inflation, the Board of the National Bank of Kazakhstan decided to establish an official rate of refinancing at 9% per annum. Chairman of the Board of the National Bank Grigory Marchenko has said it at a press conference on the situation on the country’s financial market in Almaty today.

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