Moody’s raises Baiterek

Moody’s Investors Service said it raised JSC National Management Holding Baiterek’s long-term issuer ratings to Baa2 from Baa3 and revised the outlook to stable from positive in line with the sovereign.

The upgrade was driven by the view of increased government support, as reflected in the upgrade of the government of Kazakhstan's long-term issuer rating to Baa2 from Baa3 on Aug. 11, the agency said.

“The upgrade of Baiterek's issuer ratings reflects its very strong institutional and financial links with the government of Kazakhstan. The company carries an important role in promoting Kazakhstan's economic development and serves as a channel for government funding under key government programs. The company is highly integrated with the government, through its 100% ownership of the holding companies and its involvement in Baiterek's business activities, including control over its financial performance and approval of their key metrics,” Moody’s said in a press release.

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