KASE held a meeting with Fitch Ratings
On 27 November 2025, the Kazakhstan Stock Exchange (KASE) hosted a meeting with representatives of the international rating agency Fitch Ratings, focused on the analysis of non-bank financial institutions, the role of credit ratings, and modern approaches to ESG assessment.
Natalya Khoroshevskaya, Chairperson of the Management Board of the KASE Clearing Center (KACC), opened the event by noting that the process of obtaining a Fitch rating became an important experience not only for KACC as a subsidiary of the Exchange, but also for the entire market.
“A credit rating is a tool of transparency. A professional team studies the company’s activities, conducts an in-depth analysis, and presents it in the form of a rating. This enhances trust and simplifies the investment process on the Exchange,” emphasized the head of KACC.
Nikolai Sherazadivshili, Director at Fitch Ratings, highlighted that in 2025 the agency significantly expanded its cooperation with Kazakhstan: Fitch increased its coverage of local issuers in the NBFI and infrastructure sectors and strengthened its local analytical presence.
According to him, global demand for high-quality ESG analytics continues to grow:
“We assess not only ESG risks, but also the real impact a company has on the environment and society. Investors want to understand what stands behind a green or social label, and we provide that transparency.”
Ilya Makunin, Analyst at Fitch Ratings, delivered an analytical overview of Kazakhstan’s microfinance and leasing companies. He noted that high interest rates, rising funding costs, and regulatory constraints are already reshaping the business models of the non-banking sector.
“Growth will slow and profitability will tighten. But the sector remains resilient — companies with access to long-term funding and a clear strategy are best positioned to withstand pressure without spikes in risk,” he stated.
The meeting at KASE served as an important platform for dialogue with international analytical institutions and reaffirmed the significance of credit ratings and ESG assessment in enhancing transparency, decision-making quality, and the investment appeal of Kazakhstan’s financial market.