S&P keeps Mortgage Guarantee Fund of Kazakhstan on watch

Standard & Poor's said it kept its BB long-term issuer credit ratings on the Mortgage Guarantee Fund of Kazakhstan (JSC) on CreditWatch with negative implications.

At the same time, S&P said it placed its kzA+ national-scale rating on CreditWatch with negative implications, adding that these actions follow the downgrade of the Republic of Kazakhstan (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3, national scale rating kzAAA).

The ratings on Mortgage Guarantee Fund of Kazakhstan, which is 100% controlled by Ministry of Finance and the National Bank, reflect its very short track record and its concerns about the long-term sustainability of the entity's current public policy role, S&P said.

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