Fitch affirms Kazakhstan

Fitch Ratings said it affirmed Kazakhstan's long-term foreign-currency issuer default rating at BBB- and its long-term local-currency issuer default rating at BBB and has revised the outlooks on both ratings to stable from negative. Fitch also affirmed the short-term foreign-currency issuer default rating at F3 and the country ceiling at BBB.

While Kazakhstan's crisis-hit banking system remains a source of risk, Fitch said its base case is that the further costs for the sovereign of clearing it up will be containable at the current rating level.

Higher oil prices and capital inflows are boosting official reserves, strengthening the sovereign's balance sheet and further supporting the stable outlook, the agency said.

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