S&P lowers Kazakhstan

Standard & Poor's said it lowered its long-term foreign currency sovereign credit ratings on the Republic of Kazakhstan to BBB- from BBB and its long- and short-term local currency sovereign credit ratings on the Republic to BBB/A-3 from BBB+/A-2.

At the same time, the agency said that the ratings were removed from CreditWatch, where they were placed with negative implications on Oct. 2.

In addition, S&P said it affirmed its A-3 foreign currency sovereign credit ratings and its kzAAA national-scale rating, on Kazakhstan and lowered its transfer and convertibility assessment on the sovereign to BBB from BBB+.

The outlook on the long-term ratings is stable.

Due to government ownership, S&P said it has also lowered the counterparty credit ratings on the Development Bank of Kazakhstan to BBB- from BBB.

At the same time, S&P said it removed the ratings from CreditWatch, where they were placed with negative implications on Oct. 2.

According to the agency, the rating downgrades reflect funding problems in the Kazakh financial

system.

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