Kazakhstan Creates National Rating Agency Under July 23 Law to Deepen Domestic Capital Market
Updated
Updated · Astana Times · Aug 24
Kazakhstan Creates National Rating Agency Under July 23 Law to Deepen Domestic Capital Market
2 articles · Updated · Astana Times · Aug 24
Summary
A July 23 law signed by President Kassym-Jomart Tokayev sets up a national credit rating agency, with the National Bank among its founders, to support Kazakhstan’s domestic capital market.
The agency is aimed at a gap for mid-sized issuers: international ratings remain important for large borrowers, but their cost and requirements can be disproportionate for smaller companies seeking bond financing.
The law, effective Oct. 21 with some provisions from July 1, 2027, sets rules on capital, governance, internal controls, conflicts of interest and disclosure, while allowing ratings beyond credit risk, including Islamic finance and sustainability.
Ruslan Sultanov said the agency will matter only if its ratings are woven into investor decisions, bank risk systems and bond pricing, because ratings alone do not create liquidity or demand.
Its longer-term test is credibility: investors will need several years of default data, rating migrations and evidence that methodologies stay independent despite state-linked ownership.