Moody's cuts Kazakhstan to Baa2

Moody's Investors Service said it downgraded Kazakhstan's local-currency government rating to Baa2 from Baa1, the same as its foreign-currency rating.

The outlook was changed to negative from stable.

The downgrades reflect continuing fragility in the Kazakh banking system because of its large short-term foreign-currency debt obligations, Moody's said.

The downgrade also takes into account the weaknesses inherent in a macroeconomy that depends heavily on the export of commodities whose prices have collapsed sharply, the agency said.

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