BAKU, Azerbaijan, June 20. Fitch Ratings has affirmed Kazakhstan’s sovereign credit rating at "BBB" with a Stable outlook, the country's Ministry of Economy says.
According to the agency’s assessment, Kazakhstan’s rating continues to be supported by the country’s strong external position, substantial net foreign assets, and low level of government debt.
Fitch noted that higher oil prices in 2026 are expected to further strengthen Kazakhstan’s external position. Foreign currency assets of the National Fund reached $66.4 billion as of the end of May 2026, increasing compared to the same period last year.
The agency expects Kazakhstan’s net foreign asset position to remain among the strongest within its peer rating category. Additional support for external resilience comes from the country’s gross international reserves, which reached $67.6 billion in May 2026. The growth in reserves has been significantly supported by elevated gold prices on global markets.
Fitch forecasts that Kazakhstan’s government debt will remain at a low level of around 23% of GDP in 2026–2027.
Analysts also noted that Kazakhstan’s economy expanded by 6.5% in 2025, with growth broad-based and accompanied by a significant increase in transport sector performance.
According to Fitch, non-oil sectors, including transport, manufacturing, and services, are expected to continue supporting economic activity over the medium term.
According to the Ministry of National Economy, economic growth reached 3.7% in the first five months of the year. The manufacturing industry recorded growth of 9%, while output in the machinery sector increased by 22.2%.
