S&P Upgrades Development Bank of Kazakhstan's Credit Rating

International rating agency S&P Global Ratings has upgraded the credit ratings of the Development Bank of Kazakhstan to 'BBB/A-2', maintaining a 'Stable' outlook. Analysts noted the decision directly followed a similar upgrade of Kazakhstan's sovereign credit rating earlier this year. The improved rating for the development bank strengthens international investor confidence in Kazakhstani state financial institutions and could lower the bank's borrowing costs on external markets. For private investors, this is a positive signal about the strengthening financial stability of the country's quasi-state sector.