/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]