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Kazakhstan's international ratings improved in 2011

23 january 2012, 19:37
Photo courtesy of devpolicy.org
Photo courtesy of devpolicy.org
Kazakhstan gained 11 lines in Doing Business rating of the World Bank and is ranked 47th, Tengrinews.kz reports citing Karim Massimov’s Facebook.

Positive tendencies in the economy, maintenance of the macroeconomic sustainability in 2011 allowed to improve the sovereign ranking of Kazakhstan with Standard & Poor's and Fitch agencies to BBB+ and BBB, respectively. In the beginning of the crisis in 2007, Standard & Poor’s lowered Kazakhstan’s credit rating from BBB to BBB- and in 2008 Fitch downgrated it from BBB to BBB-.

“For the first time our country is leading the top 10 countries that demonstrated the most success in creation of good conditions for entrepreneurship. A significant work was done to lower administrative barriers and reduce red tape. The law canceling 348 permits out of 1,015 has been adopted to decrease the administrative load on businesses. A law intended to reduced red tape by another 30 percent has been prepared,” the message states.

On November 2011 Standard & Poor's upgraded Kazakhstan's long-term and short-term foreign currency sovereign credit rating from ВВВ/А3 to ВВВ+/А2. Its local currency credit rating was confirmed at ВВВ+/А2.

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

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