12.09.2024

Moody's has shown the rating of the Damu Fund to Baa2/Prime-2

The international rating agency Moody's Ratings has upgraded the long-term and short-term issuer ratings of Damu Entrepreneurship Development Fund JSC to Baa2/Prime-2 from Baa3/Prime-3. The forecast has been changed from positive to stable.

According to Moody's, these rating actions follow the decision to upgrade the rating of the Government of Kazakhstan to Baa1 from Baa2 and change the outlook from stable to positive on September 9, 2024. The rating agency's decision is due to the fact that the ongoing improvements in the institutional and political structure, combined with the steady dynamics of economic diversification from hydrocarbons, are stable and will continue to increase the sustainability of Kazakhstan.

"The Fund's rating increase is also due to its role in public policy as a national development institute, which provides a reliable niche for doing business. The company's capitalization indicators remain high due to regular injections of capital by the shareholder and a good level of profit generation, which is reinvested in the business," Moody's said in a statement.