Moody`s raised KazakhExport forecast from stable to positive
EIC "KazakhExport" JSC, Nur-Sultan, October 16, 2019. International Rating Agency Moody's Investors Service ("Moody's") confirmed the rating of financial stability
"Export insurance company "KazakhExport" JSC at the level of Baa3, improving the forecast from "stable" to "positive". In addition, Moody`s informs about the change in the applied rating methodology to "trade credit insurance" from the "reinsurance" methodology and "state-related issuers".
The change of forecast to “positive” is due to Moody`s assessment of a number of factors, in particular, the improvement of Kazakhstan's sovereign rating to “positive”, which indicates the stability of the economy, the state balance and the prospects for further dynamic economic growth and the parent company KazakhExport JSC "SWF "Baiterek" to "positive", which plays an important role in the implementation of key government programs.
Moody's analysts also emphasize the consistently high level of capitalization of KazakhExport, aimed at the development of export insurance business in Kazakhstan and the active growth of support for exporters of the manufacturing sector of the economy.
The mission of Export Insurance Company "KazakhExport" JSC (member of Baiterek NMH JSC) is to support the growth of exports of non-primary goods, works, and services in priority sectors of the economy and to develop the practice of financial insurance and non-financial support for Kazakhstan enterprises.