Moody’s Investors Service upgraded Baiterek NMH JSC’s long-term issuer ratings

On August 17, 2021, Moody’s Investors Service upgraded Baiterek NMH JSC’s long-term issuer ratings from «Baa3» to «Baa2» and short-term issuer ratings from «P-3» to «P-2» following the sovereign ratings upgrade. The outlook on the Holding’s long-term issuer ratings as well as issuer outlook are «stable» in line with the sovereign.

The upgrade of Baiterek’s issuer ratings reflects its very strong institutional and financial links with the Government of Kazakhstan. The company carries an important role in promoting Kazakhstan's economic development and serves as a channel for government funding under key government programmes. The company is highly integrated with the government, through its 100% ownership of the holding companies and its involvement in Baiterek's business activities, including control over its financial performance and approval of their key metrics.