No Secondary Sanctions Risk: Fitch Affirms Kazakhstan's Sovereign Credit Rating
Source: Kazakh Ministry of National Economy website
The international rating agency Fitch Ratings has confirmed Kazakhstan's sovereign credit rating at "BBB"; the forecast is "Stable," Orda.kz reports, citing the Ministry of National Economy press service.
Fitch Ratings notes relatively low risks of large-scale secondary sanctions for Kazakhstan.
Kazakhstan's 'BBB' IDRs are supported by a very large external buffer, with the third-strongest sovereign net foreign asset (SNFA) position in the 'BBB' rating category, also providing financing flexibility, underpinned by accumulated oil revenue savings, Fitch writes.
The National Fund of the Republic of Kazakhstan's foreign exchange assets and official gold and foreign exchange reserves reached the equivalent of 38% of GDP, which was facilitated by an 8.4% return on investment and rising gold prices.
Fitch Ratings notes Kazakhstan's steps to develop transport and renewable energy sectors, gradually fostering reduced dependence on the oil industry.
Original Author: Rimma Karatayeva
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