Fitch Ratings affirmed Kazakhstan's credit rating
The Fitch Ratings is an international rating agency, which has confirmed Kazakhstan's sovereign credit rating at BBB with a Stable outlook. The key factors supporting Kazakhstan's rating are the strong fiscal and external balance sheets, which have shown resilience during the coronavirus pandemic.
Analysts note that the country's public debt has remained at a low level, while net sovereign assets are much higher. Moreover, according to Fitch's forecast, Kazakhstan will remain a net creditor in the medium term.
According to analysts' forecasts, the stability of the exchange rate, increased yields, and reduced withdrawals of savings from the UAPF will help reduce inflation.
In addition, in its report, Fitch highlighted the improvement in the performance of the banking sector in recent years due to the actions taken to improve regulation and supervision.
In particular, analysts noted the decrease in the level of NPL, high liquidity and profitability of banks. According to the rating agency, the January events did not significantly affect the country's economy. Banking sector indicators will remain stable. In general, in the next 2 years, the growth of the Kazakhstani economy is expected to be at the level of 4% due to the growth of the agricultural sector and the implementation of large investment projects.
Source: primeminister.kz
