Kazakhstan financial institutions receive updated credit ratings

Major credit rating agencies have issued updated assessments for key financial institutions in Kazakhstan. Moody’s Ratings affirmed the long- and short-term local and foreign currency issuer ratings for Agrarian Credit Corporation (ACC) at Baa2/Prime-2, maintaining a stable outlook. ACC, which is 100% owned by the government-owned Baiterek National Investment Holding, serves a critical role in providing financial support to the nation’s agricultural sector. While benefiting from high capital buffers and government support, the agency noted risks including a weak-performing loan portfolio, with problem loans and leases accounting for 23% of the portfolio as of June 2026.

Separately, S&P Global Ratings affirmed the 'BBB-/A-3' issuer credit ratings for Halyk Bank, the largest bank in Central Asia, while revising its long-term global scale outlook to positive. S&P expects Halyk Bank to maintain high levels of capital adequacy and a strong earnings buffer. Although asset quality indicators have shown some decline, the agency anticipates that nonperforming loans will trend below 7% by 2027-2028 due to resilient macroeconomic prospects and improved banking regulation. S&P also revised the industry risk score for the Kazakhstani banking sector upward to '6' from '7'.