The agency also upgraded the bank's national scale long-term counterparty risk rating to Baa2.kz from Baa3.kz and affirmed its long- and short-term deposit ratings at B2/Not Prime.

The government also plans to reduce the use of the National Fund's transfers to 2.4 trillion tenge from 4.5 trillion tenge in the next three years.

The three-year bonds worth 12.5 billion tenge ($28.8 million) were auctioned at full issue price on the Kazakhstan Stock Exchange (KASE).