Fitch Ratings: Kazakhstan
22.02.2021
Fitch Ratings has affirmed Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. Large sovereign external buffers are a key rating strength and are forecast to remain robust. The combined external assets of the state oil-fund (NFRK) and official international reserves held by the central bank (NBK) rose to USD94 billion or 57% of GDP at end-2020 (2019: 50%), boosted by global financial asset returns including rallying gold prices, and limited foreign exchange sales. Sovereign net foreign assets, of 49% of GDP at end-2020, are significantly larger than the current 'BBB' median of -2.4%, but should moderate to 43% by end-2021 and 39% in 2022 as fiscal oil revenue savings recover only gradually relative to nominal GDP growth.
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