S&P lifts Development Bank of Kazakhstan

Standard & Poor's said it raised its foreign and local currency long-term ratings on the Development Bank of Kazakhstan to BBB from BBB-.

At the same time, the A-3 foreign and local currency short-term ratings on the bank were affirmed.

The outlook is stable.

This upgrade follows the rating action on the Republic of Kazakhstan (foreign currency BBB/stable/A-3 local currency BBB+/stable/A-2), the agency said.

"The ratings on Development Bank of Kazakhstan reflect the Bank's strong financial profile and its clearly defined and strategic public policy role assigned by the government of Kazakhstan. Development Bank of Kazakhstan's 100% ownership by the state also ensures strong implicit sovereign support, " said S&P credit analyst Luc Marchand.

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