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.
