Standard and Poor's Upgrades Kazakh Outlook
NEW DELHI. May 14. KAZINFORM On 11 May 2009 Standard and Poor's raised its outlook on Kazakhstan from negative to stable in a positive appraisal of the government's response to the country's banking crisis. "The outlook revision reflects the Kazakh government's emerging policy in limiting potential liabilities arising from banking pressures, while at the same time providing sufficient resources to underpin depositor confidence and allow the system to function," Standard and Poor's said in a statement. The agency praised the authorities' efforts to keep at arms length the problems of some of the banks, despite pressure from shareholders. Standard and Poor's did not alter Kazakhstan's long-term sovereign debt ratings, which remain at BBB- for the foreign currency rating and BBB for the local currency. "The stable outlook reflects our expectation that the Kazakh government will manage the economic challenges the country faces without severe impairment to its fiscal or external balance sheets," the agency said, Kazinform cites the press service of the Kazakh Embassy in India.