Astana. February 20th. KazTAG - Fitch Ratings rating agency confirmed Kazakhstan's credit rating at the BBB level, stable forecast, the government press service reports.
"According to the agency, a stable rating of Kazakhstan reflects a high level of sustainability of the country's economy. The rating agency notes that, despite the uncertainty associated with the oil prices and the spread of the coronavirus epidemic in the world, the country remains a low level of public debt and a significant amount of fiscal reserves necessary to mitigate existing and potential external shocks, "the report says Saturday.
As clarified, the positive factor in the sustainability of credit assessments is also the improvement of the quality of state institutions. Fitch rating agency noted the role of the real sector, including manufacturing, construction and agriculture in ensuring the sustainability of the National Economy in 2020
According to the agency's estimates, the growth rate of the economy in 2021 will amount to 3.5%. The policies of the floating exchange rate made by the National Bank, as noted by Fitch Ratings, made it possible to absorb the shocks, and the flexibility of the tenge course became a noticeable improvement in the economic policy mechanism since the fall in oil prices in 2014-2015.
"As key factors to the subsequent increase in the sovereign credit rating of Kazakhstan, Fitch Ratings will further conduct structural institutional reforms aimed at increasing the predictability and effectiveness of economic policy, as well as the continuation of the implementation of measures to diversify the economy and build fiscal reserves of the country," writes the press Prime Minister.
Earlier, 02/17/2021, a credit opinion regarding the economy of Kazakhstan has published a credit agency Moody's. In accordance with the updated credit opinion, the rating of Kazakhstan corresponds to the predictive indicators of the BAA3 "Positive" forecast.