Moody's on March 20 assigned KazAgro National Management Holding JSC Ba1/Not-Prime long- and short-term issuer ratings, with a stable outlook assigned to the long-term rating.

The agency also assigned the company a "Aa2.kz" long-term national scale issuer rating.

The ratings reflect that KazAgro, being a state-owned entity, plays a significant role in agricultural development in Kazakhstan. It has about 45% of the share in lending to firms related to the agricultural sector, Moody's noted.

The stable outlook reflects that on Kazakhstan's sovereign bond rating and the company's strong institutional and financial connection with the government.