International credit rating agency Fitch Ratings has affirmed Kazakhstan’s sovereign credit rating at “BBB” with a Stable Outlook, according to Kazakhstan’s Ministry of National Economy.

The agency said Kazakhstan’s rating is supported by the country’s strong external position, significant net foreign assets, and low level of government debt, The Caspian Post reports, citing Qazinform.

Fitch noted that higher oil prices in 2026 are expected to further strengthen Kazakhstan’s external position.

The foreign currency assets of the National Fund reached $66.4 billion by the end of May 2026, marking an increase compared with the same period last year. The agency expects Kazakhstan’s net foreign asset position to remain among the strongest of countries with similar credit ratings.

Further support for external stability comes from Kazakhstan’s gross international reserves, which stood at $67.6 billion in May 2026. A major factor behind reserve growth has been the increase in global gold prices.

The agency also forecasts that Kazakhstan’s government debt will remain low, at around 23 percent of GDP during 2026-2027.

Fitch analysts said Kazakhstan’s economy expanded by 6.5 percent in 2025, with growth spread across several sectors and supported by a significant improvement in transportation performance. The agency expects non-resource industries, including transportation, manufacturing, and services, to continue contributing to economic growth over the medium term.