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Fitch upgrades Kazakhstan up one notch

22 november 2011, 17:17
Fitch ratings agency upgraded Kazakhstan another notch Monday after Standard and Poor's did the same based on strength from the republic's energy sector and frugal spending, AFP reports.

Fitch raised Kazakhstan's foreign currency debt rating to BBB and the local debt to BBB+ with a positive outlook on both.

"Kazakhstan's sovereign balance sheet has strengthened, with sovereign net foreign assets affording a growing cushion against revenue shocks, and underpinning the Positive Outlook," said Fitch's sovereign team head Charles Seville.

S&P raised its rating of Central Asia's largest economy earlier this month based on a fiscal and current account surplus that emerged due to strong prices on is energy exports.

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