Kazakhstan’s ‘BBB’ Rating Affirmed by Fitch with Stable Outlook
Kazakhstan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) has been affirmed at ‘BBB’ with a stable outlook by Fitch Ratings, according to the agency’s press service. The agency noted that strong fiscal and external balance sheets, which have proven resilient to external shocks, and financing flexibility based on accumulation of oil revenues, were key factors retaining the country’s IDRs. Further, Fitch expects current account surpluses through to 2024, following a 3.4% increase in GDP in 2022, the highest figure recorded in eleven years – this should help to bolster Kazakhstan’s solid external balance sheet. The agency projected the country’s economic growth at 4.5% in 2023 and 4.8% in 2024, with an increase in oil export volumes by over a third following the start of operations at the expanded Tengiz oilfield.
