ASTANA, Kazakhstan, November 17. Fitch Ratings affirms Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook, Trend reports.
Among the fundamental factors supporting Kazakhstan's credit rating are strong external buffers, which significantly exceed the average level among countries with similar ratings and provide the country with financial flexibility.
The foreign assets of the National Fund of the Republic of Kazakhstan and official gold and foreign exchange reserves have reached the equivalent of 38 percent of GDP, supported by an investment return of 8.4 percent and rising gold prices.
Analysts highlight the steps being taken to develop sectors such as transport and renewable energy, which are contributing to a gradual reduction of dependence on the oil industry.
The agency also notes relatively low risks of the imposition of large-scale secondary sanctions.
Fitch Ratings is an American credit rating agency. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission and is considered to be one of the "Big Three credit rating agencies", along with Moody's and Standard & Poor's.