Fitch Affirms Kazakhstan's Rating at 'BBB', Outlook Stable

/Fitch Ratings, Hong Kong, July 15, 2025/ – Fitch Ratings has affirmed Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. Key Rating Drivers Strong External Finances, Weak Institutions: Kazakhstan's 'BBB' IDRs are underpinned by its large sovereign net foreign assets (SNFA) and foreign- exchange reserves, which underpin its financing flexibility, and low government debt. The rating is constrained by high dependence on commodity exports and a weak macroeconomic policy framework relative to 'BBB' peers, partly reflected in weak scores on World Bank Governance Indicators. * The full version of the press release in English is posted on the Fitch Ratings website. [2025-07-17]