Moody’s downgrades Kazakhstan credit rating on effect of oil price drop

Astana financial districtKazakhstan credit rating: Moody’s Investors Service has downgraded the issuer and senior unsecured ratings of the Government of Kazakhstan from Baa2 to Baa3, the international credit rating agency announced today.
The two key drivers of the downgrade were firstly the deterioration Kazakhstan’s fiscal and economic strength triggered by the fall in oil prices, and secondly an increase in risks in the banking sector brought on by the general slowdown in the economy and the currency depreciation which have weakened many banks’ solvency metrics.

Source: AKIpress