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Fitch downgrades Kazakhstan's sovereign rating
Moscow, November 10 2008
Fitch Ratings after reviewing the impact of the financial crisis on emerging markets has downgraded the sovereign ratings of Bulgaria, Hungary, Kazakhstan and Romania and revised the ratings Outlook for South Africa and Russia from Stable to Negative.
Kazakhstan's long-term rating on foreign currency liabilities was downgraded to BBB- with Negative outlook from BBB with Negative outlook, a report of the rating agency says.
As for Kazakhstan, Fitch indicates that its capacity to manage its domestic banking crisis has been weakened by the global financial crisis and decline in commodity prices. Despite extensive support measures taken by the Kazak authorities, bank asset quality is deteriorating.