Fitch affirms Kazakhstan's rating at "BBB"; outlook "Stable"

/Fitch Ratings, London, November 15, 2024, heading by KASE/ – 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 Stable Fundamental Rating Factors: Kazakhstan's 'BBB' IDRs are supported by a very large external buffer, with the third-strongest sovereign net foreign asset (SNFA) position in the 'BBB' rating category, also providing financing flexibility, underpinned by accumulated oil revenue savings. Set against these factors are its very high dependence on commodities, export concentration risk, high inflation, which partly reflects a less developed macroeconomic policy framework relative to 'BBB' peers, and weak governance indicators. * The full version of the press release in English is available on the Fitch Ratings's website. [2024-11-18]