OREANDA-NEWS. Standard & Poor's Ratings Services said today it raised its foreign and local currency long-term ratings on the Development Bank of Kazakhstan (DBK) to 'BBB' from BBB-'. At the same time, the A-3' foreign and local currency short-term ratings on DBK were affirmed. The outlook is stable.

This upgrade follows the rating action on the Republic of Kazakhstan.

"The ratings on DBK reflect the Bank's strong financial profile, and its clearly defined and strategic public policy role assigned by the government of Kazakhstan. DBK's 100% ownership by the state also ensures strong implicit sovereign support," said Standard & Poor's credit analyst Luc Marchand.