Standard & Poor’s affirms Kazakhstan’s sovereign credit rating

Standard & Poor’s (S&P) international rating agency has affirmed Kazakhstan’s sovereign credit rating at BBB-/A-3 with a stable outlook, the Ministry of National Economy reported. The key factors supporting the credit rating are strong fiscal and external balance sheets of the country’s economy, sufficient to manage risks. While net debt of the Kazakh government is low, liquid foreign currency assets provide a buffer against external shocks. In general, S&P projects Kazakhstan’s economy to grow by four percent in the next three years. According to analysts, revenue growth will be boosted by efforts to reform tax policy and administration. The diversification of the economy, the reduction of the state’s role, and the development of competition will contribute as well.