Fitch revises Kazakhstan's Outlook to Positive from Stable

ASTANA. December 21. KAZINFORM Fitch Ratings has revised the Outlooks on Kazakhstan's Long-term foreign and local currency Issuer Default Ratings (IDR) to Positive from Stable and affirmed the ratings at 'BBB-' and 'BBB', respectively, the press service of the Kazakh Ministry of Economic Development and Trade reported.

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

"The revision to Kazakhstan's Outlook reflects its continuing recovery from the severe impact of the global financial crisis, which is evident in its economic growth, improved balance of payments position, some signs of stabilization in the banking system, a reduction in the budget deficit and strengthening in the sovereign's balance sheet," says Ed Parker, Head of Emerging Europe in Fitch's Sovereigns team.

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