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
Latest news
- Zhezkazgan Airport Resumes Operations After An-12 Emergency Landing
- Middle East Escalation Disrupts Kazakhstan–Dubai Flights
- Three Rare Neolithic Burials Discovered in Kostanay Region
- Minister Promises Better Internet Access for Rural Areas
- Will Trump Visit Kazakhstan?
- Six-Lane Road to Almaty’s Ring Road Planned, Around 200 Land Plots Bought Out
- Housing Sales in Kazakhstan Rise 28% in One Month
- East Kazakhstan Residents Question Gas Station Restrictions on Fuel Canisters
- New Committee to Oversee Crypto Market and Payment System
- MFA Confirms Death of Young Kazakhstani Woman in Antalya
- Source of Shymkent Air Pollution Complaints Still Unclear
- Why Cheap Kazakh Gasoline Is Becoming a Regional Issue
- Southern Kazakhstan Records Magnitude 4.5 Earthquake
- Almaty Residents Oppose Covering City’s Open Irrigation Canals
- Where Are Incomes Highest in Kazakhstan After Almaty?
- Landfill Fire Breaks Out in Astana
- Qatari-Kazakh Gas Pipeline Project Gets Another $500 Million
- Russian City May Name Square After Tokayev’s Father
- Kazakhstanis Will Not Face New Loan Restrictions
- Dead Seals Found Near Aktau May Have Come From Iran, Officials Say
