Fitch Ratings affirms Kazakhstan’s credit rating

Government debt will remain low

International credit rating agency Fitch Ratings has affirmed Kazakhstan’s sovereign credit rating at “BBB” with a Stable Outlook, according to Kazakhstan’s Ministry of National Economy, Qazinform News Agency reports.

According to the agency’s assessment, Kazakhstan’s rating is supported by the country’s strong external position, substantial net foreign assets, and low level of government debt.

Fitch noted that higher oil prices in 2026 are expected to further strengthen Kazakhstan’s external position. The foreign currency assets of the National Fund reached 66.4 billion US dollars as of the end of May 2026, representing an increase compared to the same period last year. The agency forecasts that Kazakhstan’s net foreign asset position will remain among the strongest among countries with comparable credit ratings.

Additional support for external stability comes from the country’s gross international reserves, which reached 67.6 billion US dollars in May 2026. A significant contribution to reserve growth has come from the high price of gold on global markets.

The agency also forecasts that government debt will remain low, at approximately 23 percent of GDP during 2026-2027.

Analysts noted that Kazakhstan’s economy grew by 6.5 percent in 2025, with growth being broad-based and accompanied by a significant increase in transportation sector performance. Fitch expects non-resource sectors, including transportation, manufacturing, and services, to continue supporting economic activity over the medium term.

Photo credit: Kazakh National Economy Ministry.

SHARE YOUR OPINION AND DISCUSS THE ARTICLE ON OUR TELEGRAM CHANNEL!