Standard & Poor’s raised its rating of Kazakhstan one step to BBB+, its third-lowest investment grade, with a stable outlook, citing the effect of rising commodity exports on fiscal and current account surpluses.

An obligor rated BBB has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.

Kazakh oil output will probably almost double over the next decade and net foreign direct investment will average about four percent of gross domestic product, feeding per capita GDP growth of an annual six percent from 2011 until 2014, S&P said today.

The agency now rates Kazakhstan one level higher than Russia, two higher than Brazil and the same as Thailand. Moody’s Investors Service rates Kazakhstan one level lower at Baa2 and Fitch Ratings has it at its lowest investment grade, BBB-.

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