The era of economic doom and gloom may be coming to a close in Kazakhstan — at least that’s the assessment of international ratings groups like Moody’s.
Moody’s earlier this week raised Kazakhstan’s sovereign rating to Baa3 and improved its prognosis from negative to stable, as the economy ministry buoyantly revealed.
The agency cited the economy’s increasing adaptiveness to low oil prices as a decisive factor for the decision.
Moody’s was similarly positive in its assessment of the state rescue program for the banking system, which has seen bailouts of up to 500 billion tenge ($1.5 billion). These funds have been used to help lenders with huge bad debt portfolios address their liabilities before international creditors.
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