S&P ups Development Bank of Kazakhstan

Standard & Poor's said it raised the long-term local-currency rating on the Development Bank of Kazakhstan to BBB from BBB-, and affirmed its BBB- long-term foreign-currency and A-3 short-term issuer credit ratings.

The upgrade reflects the bank's increased importance to the Kazakh government and "almost certain" probability of extraordinary government support, S&P said.

The bank has a clearly defined and strategic public policy role and integral link to the government, the agency said.

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