The agency also notes the relatively low risks of broad secondary sanctions.
The international rating agency Fitch Ratings has affirmed the sovereign credit rating at "BBB" with a "Stable" outlook.
Among the fundamental factors supporting Kazakhstan’s rating are strong external buffers, which significantly exceed the average for countries with similar ratings and provide financial flexibility for the country.
The foreign exchange assets of the National Fund of the Republic of Kazakhstan and official reserve assets reached the equivalent of 38% of GDP, supported by an investment yield of 8.4% and the growth in gold prices.
Analysts highlight the steps being taken to develop sectors such as transport and renewable energy, which contribute to the gradual reduction of dependence on the oil industry.
The agency also notes the relatively low risks of broad secondary sanctions.
