Article 16. Methodologies for assigning ratings of the Law of the Republic of Kazakhstan On Credit Rating Activities
1. A credit rating agency carries out credit rating activities solely on the basis of a version of the methodology adopted for a certain type of rating that corresponds to the industry specialization of the rated person.
2. A credit rating agency may not deviate from the methodology used, except in cases stipulated by the internal documents of the credit rating agency, including when the methodology used does not take into account the profile and characteristics of the rated person, which may lead to a distortion of the rating or the rating forecast.
3. The credit rating agency shall disclose the methodology used, as well as all changes made to the methodology, in accordance with Article 23 of this Law.
4. A credit rating agency develops and approves credit rating methodologies that meet the following characteristics:
1) contain descriptions of all creditworthiness factors and their impact on credit ratings and credit rating forecasts;
2) provide for the continuity of their application in the framework of credit rating activities;
3) provide for the possibility of comparing credit ratings for various types of rating facilities;
4) provide for the application of methodology, models and their conditions as a single system package;
5) contain the grounds for the revision of the methodology;
6) provide for the possibility of verifying the reliability of credit ratings.
The credit rating methodology provides an opportunity to verify it based on historical data, the conditions used in the methodology, factual information about non-payments by the rated persons, or actual indicators of the repayment of funds by the rated persons.
5. The credit rating agency publishes information on the impact of the conditions used in the applied methodology on the change in ratings assigned in accordance with this methodology.
6. The credit rating agency updates the methodologies on a regular basis in accordance with internal documents, but at least once a year.
7. If errors in the methodology used are identified that have affected or may affect ratings and/or forecasts for ratings, the credit rating agency shall take the measures specified in subitems 2) and 3) of paragraph 9 of this article.
8. If the identified errors have an impact on the assigned ratings, the credit rating agency publishes information about such errors on its Internet resource.
9. In cases where the planned changes to the methodology used are significant and have or may have an impact on the ratings, the credit rating agency:
1) posts on its Internet resource information about planned changes to the methodology used, indicating the causes and consequences of such changes, including for ratings assigned in accordance with this methodology.;
2) assesses the need to review all ratings assigned in accordance with this methodology, no later than six months from the date of the change in the methodology used.;
3) carries out a review of ratings within no more than six months from the date of the change in the methodology used, if based on the results of the assessment provided for in subparagraph 2) of this paragraph, the need for their revision has been identified.
The Law of the Republic of Kazakhstan on Credit Rating Activities
On credit rating activities, the Law of the Republic of Kazakhstan dated July 23, 2026 No. 351-VIII SAM.
President
Republic of Kazakhstan
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