ASTANA — International credit rating agency Fitch Ratings has affirmed Kazakhstan’s sovereign credit rating at BBB with a Stable Outlook, Kazakh National Economy Ministry reported on June 19. According to Fitch, the rating is supported by Kazakhstan’s strong external position, substantial net foreign assets and low level of government debt.
The agency said that higher oil prices in 2026 are expected to further strengthen the country’s external position. Foreign currency assets held by Kazakhstan’s National Fund reached $66.4 billion at the end of May 2026, compared to the same period a year earlier.
Fitch said Kazakhstan’s net foreign asset position is expected to remain among the strongest of countries with comparable credit ratings. The agency also noted that Kazakhstan’s gross international reserves reached $67.6 billion in May 2026. According to Fitch, elevated gold prices have contributed significantly to the growth of the country’s reserves.
Fitch forecasts that Kazakhstan’s government debt will remain at around 23% of gross domestic product in 2026 and 2027. The agency noted that Kazakhstan’s economy expanded by 6.5% in 2025, with growth supported across multiple sectors, including a significant increase in transport activity.
Fitch expects non-oil sectors, including transportation, manufacturing and services, to continue supporting economic activity in the medium term.