Investor Presentation on Kazakhstan's Economic Reforms
Credit Strength Recognised by Credit Rating Agencies
Kazakhstan is one of the very few countries globally that has maintained a positive rating outlook, notwithstanding the impact of the
twin oil price and COVID-19 shocks, against the wave of sovereign downgrades and negative outlooks since early 2020, this highlights the
country's fundamental credit strengths and economic resilience.
Kazakhstan's rating history
Baa1/BBB+
Baa2/BBB
Baa3/BBB-
Ba1/BB+
Ba2/BB
Ba3/BB-
B1/B+
1996 1997 1998 1999 2000 2001 2002 2003
Moody's
2004 2005
2006 2007 2008
2009 2010 2011 2012 2013 2014 2015 2016 2017
S&P
Fitch
Moody's assigned
Kazakhstan a
positive outlook
Aug 2019
2018 2019 2020
Selected highlights
Moody's
"Kazakhstan's credit profile is supported by a
very low level of public debt, very high debt
affordability, and sizeable fiscal reserves held
in foreign-currency assets, which provide a
significant buffer against external shocks such
as the coronavirus outbreak"
Moody's Investor Services - August 20, 2020
S&P
"The government's strong balance sheet, built
primarily on the budgetary surpluses of the latest
I period of high commodity prices that ended in late
2014 and accumulated in the National Fund of the
Republic of Kazakhstan (NFRK), support our
ratings on Kazakhstan."
Standard & Poor's - September 4, 2020
Fitch
"Kazakhstan's 'BBB' IDRS balance strong
fiscal and external balance sheets
underpinned by accumulated oil fiscal
revenues [..]. Public debt remains low and
external and fiscal buffers robust despite the
oil price and coronavirus shocks."
Fitch Ratings - August 21, 2020
Source: Fitch Ratings, Moody's Investor Services, S&P
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