Kazakhstan’s Credit-Rating Outlook Cut to Negative by S&P

Kazakhstan’s credit-rating outlook was lowered to negative from stable by Standard & Poor’s, which cited the deteriorating outlook for economic growth and the reduced effectiveness of monetary policy.

The ratings company affirmed Kazakhstan’s long-term sovereign credit rating at BBB+, the third-lowest investment grade and on par with Mexico. There’s a one-in-three chance of a downgrade in the next two years unless prospects for gross domestic product per capita improve and if the central bank is forced to intervene in currency markets, the company said today.