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Moody’s has released a scheduled update based on the annual results of KazakhExport

An International Rating Agency Moody's Investors Service has published an updated credit opinion on Export Insurance Company KazakhExport. The current rating of the Financial Stability of the Insurer according to the international scale is “Baa3” with a positive forecast.

Analyzing the activities of "KazakhExport", the experts noted a very high level of equity, growth in profitability, good financial flexibility, the prevailing share in the insurance loan market for several years, effective promotion of underwriting standards.

Analysts also stressed the role of the export insurance company during the pandemic, which caused an economic downturn in all sectors of the economy. The strong capitalization of the company and the state guarantee "KazakhExport" increase the insurance capacity to support domestic exporters and provide security for the fulfillment of their insurance obligations.

According to analysts' assessments, the export insurance company will maintain the quality and composition of its investment portfolio.  Over the next 12-18 months, KazakhExport is expected to benefit from its unique position in the market and significantly expand its portfolio of commercial and political risk insurance. Experts also note a positive forecast on the financial stability rating of KazakhExport, in accordance with the forecast of the country rating of Kazakhstan – Baa3 and the long-term rating of the Issuer Baiterek - Baa3. This fact reflects the strong ties between KazakhExport, its parent company and the Government of Kazakhstan, which provides continuous unconditional and effective support to the insurance company, including regular capital injections from the Government through Baiterek NMH in order to develop a credit export-insurance business

In general, the rating of Export Insurance Company KazakhExport is rated at the level of sovereign, which corresponds to the rating of Kazakhstan.