S&P confirms Kazakhstan's sovereign rating

The international rating agency Standard&Poor's confirmed the sovereign credit rating of Kazakhstan at the level of "BBB-/A-3", with the outlook "Stable," Report informs, citing the Kazakh media.

According to information, the key factors supporting Kazakhstan's ratings are the country's economy's substantial fiscal and external balances. At the same time, the presence of liquid external assets significantly maintains the fiscal stability of Kazakhstan.

After joint discussions with the government, the agency determined that the consequences of economic sanctions against Russia are surmountable for the economy of Kazakhstan. At the same time, it was found that the reduction in capacity at the loading terminal of the Caspian Pipeline Consortium (CPC) is temporary and will not lead to significant disruptions in Kazakhstan's export oil supplies.

Overall, S&P notes that the country's robust government and external balance sheets and rising oil and gold prices will be sufficient to cushion external shocks. According to Standard & Poor's, Kazakhstan's economy will grow at 2% in 2022.