The international rating agency Standard & Poor’s confirmed on April 2 the sovereign credit rating of Kazakhstan at BBB-/A-3, with a stable outlook.
According to S&P, the key factors supporting the rating of Kazakhstan are the strong fiscal and external balances of the country’s economy.
At the same time, the presence of liquid external assets significantly supports the fiscal stability of Kazakhstan, the office of the Kazakh prime minister said. After joint discussions with Kazakhstan’s government, the Agency determined that the consequences of economic sanctions against Russia are surmountable for the economy of the country.
At the same time, it was found that the reduction in capacity at the loading terminal of the Caspian Pipeline Consortium is temporary and will not lead to significant interruptions in Kazakhstan’s export oil supplies.
Overall, S&P notes that the country’s robust government and external balance sheets, along with rising oil and gold prices, will be sufficient to cushion external shocks. According to S&P, Kazakhstan’s economy is projected to grow at 2% in 2022.