S&P raises Kazakhstan credit rating to BBB

NEW YORK, Dec 23 (BestGrowthStock) – Standard & Poor’s on Thursday
raised its sovereign foreign currency (Read more about trading foreign currency. credit rating on
Kazakhstan to BBB from BBB-minus, citing resilient government
finances in the wake of bank failures.

“The stable outlook on Kazakhstan reflects our expectation
that the Kazakh government will continue to manage its economic
and related financial sector challenges without impairing its
own fiscal or external positions,” S&P said in a statement.

S&P’s move on Kazakhstan brings it even with Moody’s
Investors Service’s Baa2 rating while Fitch Ratings is one
notch lower at BBB-minus.

Kazakhstan’s economy ministry said on Dec. 14 that it
raised its 2010 economic growth forecast to more than 6
percent, reflecting a global recovery in the price of oil and
minerals exported by the Central Asian state.
(Reporting by Daniel Bases and Caryn Trokie; Editing by
Theodore d’Afflisio)

S&P raises Kazakhstan credit rating to BBB