The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Safe haven gets upgrade

Kazakhstan's attraction as a return-generating safe haven among emerging markets has been boosted by upgraded long-term currency ratings. These reflect bright prospects for the Kazakh economy and recognise the well-managed banking sector.

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.

"Public sector net external assets are expected to reach about 28.4% of current account receipts in 2003, on the back of continued economic growth and the resource-based tax revenues that follow," says S&P credit analyst Luc Marchand. "Moreover, fiscal prudence is underpinned by the accumulation of oil and tax windfalls in a national fund, which will smooth the impact of oil price volatility."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree