S&P cuts Kazakhstan rating

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

The outlook is negative.

At the same time, S&P affirmed the short-term foreign and local currency sovereign credit ratings on Kazakhstan at A-2 and lowered the Kazakhstan national scale rating to kzAA+.

Following the fall in crude oil prices in spot and futures markets of over 50% since June 2014, S&P said it has revised its oil price assumptions significantly downward for 2015-2018.

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