Kazakhstan to Regulate Credit Rating Agencies
Kazakhstan plans to introduce regulations for credit rating agencies, a market currently dominated by international firms. According to 2024 data, 75 Kazakhstani companies had public credit ratings, with Fitch Ratings holding 42%, S&P 34%, and Moody’s 23% of the market.
At a press conference, Aydın Däuletbak, Director of the Securities Market Department at the Agency for Regulation and Development of the Financial Market, highlighted key challenges limiting local market growth. These include lack of regulation, absence of legislative requirements for local agencies, and high service costs, particularly for medium-sized businesses.
To address these issues, the Agency has drafted a law regulating credit rating agencies, incorporating international best practices, including guidelines from IOSCO, the Basel Committee, and EU directives. The bill ensures objectivity, independence, transparency, and accountability in rating agencies’ operations.
This initiative aligns with Kazakhstan’s Financial Sector Development Concept 2030, aiming to establish independent credit risk assessments and expand capital market financing options for businesses.
