S&P Global Ratings raised its long-term national scale rating on Kazakhstan to 'kzAAA' from 'kzAA' and removed the UCO designation from the rating.
“The global scale sovereign credit and issue ratings on Kazakhstan are not affected by today's rating action. Our action follows our review of our national scale ratings on Kazakhstan under our new national scale rating mapping table (see "S&P Global Ratings' National And Regional Scale Mapping Specifications," published June 25, 2018),” S&P said in a message.
The rating action resulted from a recalibration of the Kazakhstan national scale mapping table, and does not reflect any change in Kazakhstan's fundamental credit quality or the sovereign's outstanding debt.
National scale ratings express the agency’s opinion of the creditworthiness of an issuer or a debt instrument relative to other issuers and issues in a given country. The purpose is to provide a rank ordering of credit risk within the country.
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