International credit rating agency Fitch Ratings has reaffirmed Kazakhstan’s sovereign credit rating at “BBB” with a “Stable” outlook, Kazinform News Agency reports, citing the Ministry of National Economy of Kazakhstan.

• Key factors supporting Kazakhstan’s rating include strong external buffers, which significantly exceed the average for similarly rated countries, providing financial flexibility. The National Fund of Kazakhstan’s foreign currency assets and official gold and foreign exchange reserves have reached the equivalent of 38% of GDP, driven by investment returns of 8.4% and rising gold prices, – the statement says.

Analysts also highlighted efforts to develop sectors such as transportation and renewable energy, contributing to a gradual reduction in dependence on the oil industry.

Furthermore, the agency noted relatively low risks of large-scale secondary sanctions being imposed.