Fitch Affirms Kazakhstan at BBB as Reserves Reach $67.6 Billion
Updated
Updated · Astana Times · Jun 22
Fitch Affirms Kazakhstan at BBB as Reserves Reach $67.6 Billion
3 articles · Updated · Astana Times · Jun 22
Summary
Kazakhstan kept its BBB sovereign rating with a Stable Outlook after Fitch cited a strong external position, substantial net foreign assets and low government debt.
May reserves reached $67.6 billion and National Fund foreign-currency assets stood at $66.4 billion, with Fitch saying higher 2026 oil prices and elevated gold prices should further bolster external buffers.
Government debt is forecast to hold near 23% of GDP in 2026 and 2027, supporting Kazakhstan’s standing against similarly rated sovereigns.
The affirmation also reflects economic momentum: GDP grew 6.5% in 2025, and Fitch expects transportation, manufacturing and services to keep non-oil growth supporting activity.