Fitch Ratings has affirmed
Kazakhstan’s sovereign credit rating at «BBB» with a stable outlook. According
to analysts, the country's strong external buffers remain key factors supporting
the rating. These buffers significantly exceed the average level among states
with a similar rating and provide the country with financial flexibility. According
to Fitch's assessment, the foreign currency assets of the National Fund of
Kazakhstan and official gold and foreign exchange reserves amounted to 38
percent of the country’s GDP. This was driven by an 8.4 percent investment
return and higher gold prices. Additionally, analysts highlighted steps being taken
to develop sectors such as transport and renewable energy, which contribute to
a gradual reduction in dependence on the oil industry. The agency also noted the
relatively low risks of the imposition of wide-ranging secondary sanctions.
