Organization for economic co-operation and development adopted a decision to upgrade Kazakhstan's borrowing rating from 6th to 5th level

/Kazakhstan today, November 4, 03/ - Organization for economic co- operation and development (OECD) adopted a decision on upgrading Kazakhstan's borrowing rating form 6th to 5th level. The Embassy of the RK in the USA informed about this fact KZ-today. The opinion of this authoritative international organization, which includes the most developed 25 industrial countries of the world, plays a vital role during assessment of the risks of capital investment in a certain country, the announcement states. A rating of creditworthiness is supposed to answer a question what is the probability of default on export loans. Governmental securing agencies and banks use this rating when they make decision whether to give a loan. The decision on upgrading Kazakhstan's borrowing rating was adapted after US Eximbank's President, Phillip Merrill visited the republic and gave a high grade to Kazakhstan's achievements in creation of favorable investment climate. Commenting this event, Kanat Saudabayev, Kazakhstan Ambassador in the US, noted that "fair decision of OECD became another convincing evidence of Kazakhstan's high financial reputation in opinions of international political and business establishments". [2003-11-04]