Kazakhstan's BBB - Fitch rating

Fitch Ratings has confirmed Kazakhstan's sovereign credit rating at BBB, with a Stable Outlook.

«According to the Agency, the rating of Kazakhstan reflects the fiscal stability of the country's economy, expressed in accumulated oil revenues to fluctuations in commodity prices. The Rating Agency notes that, despite the shocks associated with oil prices and the spread of the coronavirus epidemic, the country maintains a low level of public debt and a significant amount of fiscal reserves sufficient to mitigate external shocks,» the Ministry of National Economy said in a statement.

Fitch believes that the government's anti-crisis measures to support businesses and households «partially offset the negative effect on the country's economic growth.»

The Floating Exchange Rate Policy of the National Bank, as noted by Fitch Ratings, has allowed to absorb shocks, and the flexibility of KZT exchange rate has become a noticeable improvement in the economy.

The key factors for the subsequent improvement of Kazakhstan's sovereign credit rating are the successful implementation of structural reforms that strengthen the economic course of the state.

The Rating Agency also emphasizes the importance of diversifying the economy and further increasing the country's fiscal reserves.