Credit agency Moody's published a credit opinion on the economy of Kazakhstan

In accordance with the updated credit opinion, the rating of Kazakhstan corresponds to the pre-pandemic indicators of Baa3, the outlook is "Positive", despite the persistent uncertainty of the economic situation in the world and the region.

Initially, the Baa3 rating Forecast "Positive" was assigned to Kazakhstan in August 2019.

The factors that made it possible to maintain the Baa3 status and a positive outlook on the credit rating were the low level of public debt, significant fiscal reserves, high potential for economic growth and household income, flexibility and efficiency of the Government in forming anti-crisis measures and ensuring fiscal sustainability.

Moody's positively assessed the high growth potential of the economy in both the mining and processing sectors, noting the positive growth rate of the real sector in 2020.

These factors have formed a significant reserve against the economic shocks associated with the spread of the pandemic.

Taking into account these dynamics, Moody's notes the likelihood of an increase in the credit rating of the economy of Kazakhstan. The factors forming the potential for improving the credit rating of Kazakhstan are, among other things, the willingness to further reform the institutional environment, measures to further diversify the economy, and increase the stability of the banking sector.

Earlier, on 15.02.2021, the Analytical credit Rating Agency ACRA (Russia) confirmed the pre-pandemic credit ratings of Kazakhstan, improving the outlook from "negative" to "stable".