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Moody's lifts Kazakhstan ceiling
Moody's Investors Service said it raised Kazakhstan's foreign-currency country ceiling to Baa1 from Baa2, maintained the local-currency country ceiling at A3 and affirmed the short-term foreign-currency bond ceiling at P-2.
The agency said the drivers of the actions are the recent change in the outlook on Kazakhstan's sovereign bond rating to positive and the significant increase in foreign reserves in the National Oil Fund to $64 billion in July from $30 billion at the end of 2010. In Moody's view, this increase reduces the risk of a moratorium on external debt and deposit repayments.
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