Fitch upgrades Kazakhstan to 'BBB'

Azerbaijan, Baku, Nov. 21 / Trend E. Kosolapova/

Fitch Ratings has upgraded Kazakhstan's long-term foreign and local currency Issuer Default Ratings to 'BBB' from 'BBB-' and 'BBB+' from 'BBB', respectively, the agency reported.

"The outlooks on the ratings are positive," the report said.

The agency also upgraded the Country Ceiling to 'BBB+' and affirmed the Short-term foreign currency IDR at 'F3'.

According to Fitch forecasts, Kazakh sovereign net foreign assets will reach 49 percent of GDP by end-2013, up from 37 percent of GDP at end-2010.

Fitch forecasts that the general government will record a surplus of 6-7 percent of GDP in 2011-2013. Oil price assumptions in the budget are conservative and the government would be in surplus in 2012 even if the oil price dipped to $80/b.

Real GDP is forecast to grow by 6 percent in 2011-13 and should be relatively resilient to slower growth in major advanced economies.

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