Standard & Poor's Ratings Services today lowered its long-term foreign and local currency issuer credit ratings on Kazakhstan-based Samruk-Kazyna to 'BBB' from 'BBB+'. At the same time, they affirmed the short-term foreign and local currency ratings at 'A-2'. The outlook is negative. the Kazakhstan national scale rating is also downgraded to 'kzAA+' from 'kzAAA'.

Standard & Poor's Ratings Services today lowered its long-term foreign and local currency issuer credit ratings on Kazakhstan-based Samruk-Kazyna to 'BBB' from 'BBB+'. At the same time, they affirmed the short-term foreign and local currency ratings at 'A-2'. The outlook is negative. the Kazakhstan national scale rating is also downgraded to 'kzAA+' from 'kzAAA'.

The ratings on Samruk-Kazyna reflect our classification of it as a government-related entity (GRE) and our assessment that there is an almost certain likelihood that the government of Kazakhstan would provide timely and extraordinary support to Samruk-Kazyna if needed. Accordingly, we equalize our ratings on Samruk-Kazyna with those on Kazakhstan. Under our criteria for rating GREs, our view that there is an almost certain likelihood of extraordinary government support is based on our assessment of Samruk-Kazyna's:

Under our criteria for rating GREs, our view that there is an almost certain likelihood of extraordinary government support is based on our assessment of Samruk-Kazyna's:

• Integral link with the government, which fully owns Samruk-Kazyna and offers strong direct and implicit support, including regular capital injections. Despite several changes at the shareholder level, the government is closely involved in determining Samruk-Kazyna's strategy, which is set out in several key strategic documents; and• Critical role as the government's main vehicle for implementing its agenda for strategic industrialization and long-term economic sustainability and diversification. Samruk-Kazyna controls essentially all strategic assets in Kazakhstan.

• Critical role as the government's main vehicle for implementing its agenda for strategic industrialization and long-term economic sustainability and diversification. Samruk-Kazyna controls essentially all strategic assets in Kazakhstan.The negative outlook mirrors the outlook on the sovereign rating. It also reflects our opinion that we are unlikely to change our assessments of Samruk-Kazyna's role for the government as critical and its link with the government as integral.

The negative outlook mirrors the outlook on the sovereign rating. It also reflects our opinion that we are unlikely to change our assessments of Samruk-Kazyna's role for the government as critical and its link with the government as integral.