BAKU, Azerbaijan, October 21. Moody’s Ratings
has assigned a (P - provisional) Baa1 rating to the newly
established $1.5 billion senior unsecured Medium Term Note
programme of Kazakhstan’s sovereign wealth fund Samruk-Kazyna JSC,
with Baa1 instrument ratings assigned to three proposed note
issuances under the programme.
According to Moody's, the programme rating is aligned with
Samruk-Kazyna’s long-term issuer rating of Baa1, which in turn is
aligned with the sovereign rating of the Government of Kazakhstan,
the fund’s sole shareholder. Moody’s does not assign Samruk-Kazyna
a standalone Baseline Credit Assessment, citing the fund’s special
legal status, including its right of first refusal on strategic
asset sales, and "the government’s track record of support for the
fund."
The stable outlook on Samruk-Kazyna mirrors the stable outlook
on Kazakhstan, reflecting what Moody’s described as the
government’s "very high" capacity and willingness to provide timely
support on a sustained basis.
Trend’s
calculations show that the proposed $1.5 billion bond programme is
equivalent to 1.18% of Kazakhstan’s combined foreign assets, which
stood at $127.3 billion as of the end of the second quarter of
2026. The total comprised $62.2 billion in the National Bank’s
foreign-currency reserves and $65.1 billion in National Fund
assets. Measured against the National Fund’s assets alone, the
programme is equivalent to 2.3% of the fund’s assets.
"We could upgrade Samruk-Kazyna's rating if Kazakhstan's
sovereign rating is upgraded, provided there is no deterioration in
the government's capacity and willingness to provide timely
support, and the fund's liquidity remains strong. We could
downgrade Samruk-Kazyna's rating if we downgrade Kazakhstan's
sovereign rating or lower our assessment of the government's
capacity and willingness to provide timely support, or if the
fund's consolidated financial metrics or liquidity deteriorate
significantly," the rating agency said.
