Fitch confirms Kazakhstan's sovereign credit rating at BBB with "stable" outlookRating agency Fitch Ratings on Tuesday confirmed Kazakhstan's sovereign credit rating at BBB with a "stable" outlook, the press service of the republic's Ministry of National Economy reported."The agency notes that the key factors supporting the rating are the high level of net external assets, including the currency assets of Kazakhstan's National Fund and the gold and foreign exchange reserves of the National Bank, low government debt, gradual fiscal consolidation, funding flexibility, stable economic growth, and moderate geopolitical risks," the statement said.It notes that the high volume of oil production resulting from the expansion of the Tengiz field will substantially offset the impact of lower oil prices.According to the agency, the implementation of tax code reforms will help reduce the fiscal deficit in the medium term."The ratio of government debt to GDP, including guaranteed obligations, is projected to remain stable," the press release states.It is separately emphasized that thanks to ongoing budget and quasi-fiscal support, the non-oil sector continues to provide a stable contribution to the economic structure.Fitch also notes that the introduction of 25% tariffs by the US will not have a significant impact on Kazakhstan's economy due to the low share of the US in the country's overall foreign trade structure.Furthermore, the agency points to low risks of secondary sanctions, the ministry's press service reported. (ICE ALMATY)

Fonte notizia: INTERFAX