Fitch affirms Turkmenistan at 'B+'

Fitch Ratings has affirmed Turkmenistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Positive Outlook, Report informs referring to the rating agency’s website.

“The rating is supported by Turkmenistan’s very strong sovereign balance sheet, with the lowest level of public debt and highest sovereign net foreign assets (SNFA)/GDP in the peer group, underpinned by the world’s fourth-largest gas reserves,” reads the message.

“The Positive Outlook reflects our expectation of further balance sheet strengthening on high energy prices and contained expenditure.”

Factors that could lead to negative rating action/downgrade include a deterioration in the public and external balance sheets driven, for example, by lower energy prices.

Factors that could lead to positive rating action/downgrade include sustainable improvement in these indicators, for example, due to persistently high prices for hydrocarbon exports or an increase in export capacity.