You can never have too much of a good thing. That's
the clear message from the international bond markets, where
investors have been gobbling up the spate of recent Eurobond
issues from Kazakhstan's leading banks, secure in the
knowledge that there continues to be plenty of good news from
the former Soviet Union's star economy. In recent years,
Kazakhstan has proved a profitable safe haven from choppy
market conditions in other emerging markets.
Investors' faith in the improving Kazakhstan credit story
received a timely endorsement at the end of May with the
announcement by Standard & Poor's that it had raised its
long-term foreign currency ratings for the Republic of Kazakhstan
to BB+ from BB, and its local currency ratings to BBB-/A-3 from
BB+. According to S&P the upgrade was prompted by the sustained
strengthening of the republic's economic prospects, as well as
prudent policies keeping the government's deficit and debt at low
levels....
