S&P Global Ratings upgraded Samruk-Kazyna long-term foreign currency sovereign credit rating to BBB-/A-3 from BB+/B B3, outlook "Stable". 

At the same time, the national long-term credit rating was increased from kzAA+ to kzAAA and long-term bonds assigned BB+ to BBB.

It is noted that Fund operates almost all strategic assets of Kazakhstan’s corporate sector (including oil and gas) which account for almost 40% of the countries’ total GDP. 

S&P believes that Fund is the main instrument for economic and social purposes in Government and they do not expect that this situation will change in the medium term. 

“This is also indicated by the fact that in Kazakhstan Samruk-Kazyna is involved in the fight against COVID-19 including its international cooperation with vaccine manufacturers to localize clinical trials subjects and to produce and distribute the vaccine”, - as explained in submission. 

Samruk-Kazyna’s rating outlook to stable is due to the improved sovereign credit ratings of Kazakhstan.