Regarding the expansion of the list of recognized rating agencies

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (hereinafter - the Agency) has introduced a number of regulatory changes regarding the recognition of foreign rating agencies in prudential regulation in order to expand the capabilities of financial institutions to assess credit risks.

Currently, in accordance with international standards, the ratings of 3 international rating agencies (Standard & Poor's, Moody's and Fitch) are used in the regulation of financial organizations. Additionally, in July 2023, the Agency's Board adopted Resolution No. 67, which established the criteria for recognition of other (foreign) rating agencies. The recognition of a foreign rating agency is carried out according to 18 criteria, including the availability of minimum capital, the introduction of rating methodologies and models corresponding to international standards, corporate governance systems, and ensuring the protection and confidentiality of information. In addition, the recognition of ratings of a foreign agency by its foreign regulator is checked, compliance with the conditions for preventing conflicts of interest, compliance of agency personnel with qualification requirements.

As of today, the Russian Analytical Credit Rating Agency (hereinafter - ACRA) has confirmed compliance with the established criteria. Based on the results of the assessment, ACRA ratings were recognized by the Agency for use by financial organizations in order to comply with prudential standards and limits.

In accordance with Resolution No. 67, the Agency publishes information on the comparability of international rating scales of rating agencies.

 

The Agency's External Communications Division:

+7 (727) 237-10-89, e-mail: press@finreg.kz