S&P goes positive on Kazakh banks

S&P said it revised the outlook for three Kazakhstani banks to positive from stable and affirmed their ratings. The banks are Kaspi Bank JSC, ForteBank JSC and Nurbank JSC.

“Kazakhstan's gross external financing needs will stabilize, while robust fiscal and external balance sheets provide adequate buffers against potential external shocks, in our view. The economy expanded by an estimated 5% year on year in 2023, supported by strong activity in construction, mining, wholesale trade, and information and communications. Over the next four years, we expect growth will average 3.6% annually,” S&P said in a statement.

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