Moldova, one of Europe’s poorest countries in per capita terms, is pressing for a renewal of that deal while pursuing any one of a number of alternative avenues to secure supplies.

Kazakhstan relies on its rainy-day fund to fill the budget gaps, although plans to reduce the transfer from the fund to the state budget to 2.4 trillion tenge in 2024.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

The upgrade follows the state's continuing guarantee for 100 percent of the state-owned UGE's debt and no plans to place non-guaranteed Eurobonds in the near future.

Lenders reported a fall in total net profit of 1.4 percent year-on-year of 505.6 million manats ($297.4 million) in the period from January to September 2021.