The Moody’s Investors Service has improved the KazakhExport’s rating forecast from the “negative” to the “stable” one | 公司新闻 | Export insurance company «KazakhExport»

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The Moody’s Investors Service has improved the KazakhExport’s rating forecast from the “negative” to the “stable” one

The Moody's Investors Service, an International Rating Agency has improved the forecast of the insurance financial stability rating of the Export Insurance Company “KazakhExport” JSC (KazakhExport) from the negative to the stable one and has confirmed the long-term credit rating at Baa3 (IFSR).

According to the Agency, the rating of the Export Insurance Company “KazakhExport” JSC is favorably affected by the support from the Government of the Republic of Kazakhstan, and the change in the forecast from the “negative” to the “stable” one reflects the change in the forecast of the Kazakhstan public bond rating at Baa3. Moody’s believes that the possibility and the desire of the Kazakhstan Government to assist the Export Insurance Company “KazakhExport” JSC remain unchanged.

“Moody's is of opinion that, hat the relationship between the Kazakhstan Government and KazakhExport is highly based on the following characteristics of KazakhExport: (i) total  state ownership; (ii) dependence of its income and operating profit on the Kazakhstan economy; (iii) the investment portfolio is mainly concentrated on Kazakhstan public bonds and deposits in Kazakhstan banks, and (iv) financial support from the state as evidenced by the recent capital investments of KZT 27,9 billion in October of 2016 (KZT 14 bln.) and in March of 2017 (KZT 13.9 bln.) with the view of a further business development. KazakhExport was excluded from the privatization list by the Government’s Resolution dated August 3, 2017”,- Moody's stated.

For reference:

  The Export Insurance Company “KazakhExport” JSC is a subsidiary of the National Managing Holding Company “Baiterek” JSC. The mission of KazakhExport is to support the growth in exports of non-primary goods, works and services in priority sectors of the economy and to form the practice of financial and insurance and non-financial support of Kazakhstan enterprises. Press Service: +7 727 250 00 21 (inner 134), website www.keg.kz

  The National Managing Holding Company “Baiterek” JSC was established to optimize a system of managing development institutions, financial organizations, and of developing the national economy by the Republic of Kazakhstan President’s Decree. The major mission of the Holding Company is to contribute to the sustainable economic development of Kazakhstan by financing and supporting priority sectors of the economy to implement the state policy, to solve  socially-oriented objectives and to achieve the goals set by the “Strategy-2050”.