The international rating agency Standard & Poor’s has reaffirmed Kazakhstan's sovereign credit rating at BBB-/A-3, with a "Stable" outlook. This was reported by the press service of the Ministry of National Economy of the Republic of Kazakhstan on February 22.
The key factors supporting the country's rating remain strong fiscal and external balances, which provide sufficient reserves to address potential external risks. Analysts at the agency predict that the country's liquid external assets will significantly exceed its external debt.
S&P believes that the anticipated increase in oil production and the expansion of capacities at the Tengiz oil field will positively impact economic growth.
The publication states that Kazakhstan's medium-term fiscal trajectory will depend on adherence to fiscal rules. It is expected that the expansion of the tax base and restrictions on additional transfers from the National Fund of the Republic of Kazakhstan will help reduce the budget deficit.
S&P also noted the resilience of Kazakhstan's banking sector to geopolitical and macroeconomic risks. According to analysts, second-tier banks have sufficient capital buffers and stable liquidity.