Skip to content
Subscriber Only

Kazakhstan Cut by Fitch as Lower Oil Prices Boost Fiscal Deficit

  • Fitch joins Moody's, S&P cutting nation's credit score
  • Kazakhstan's GDP to shrink by 1 percent this year, Fitch says

Kazakhstan’s credit grade was cut one level by Fitch Ratings, which cited the effect of depressed oil prices on central Asia’s biggest energy exporter’s economy.

Fitch cut Kazakhstan to BBB, its second-lowest investment grade, from BBB+, according to a statement on Friday. That marked the country’s third downgrade in three months after the Kazakh tenge plummeted to a record low in January amid slumping oil prices. The nation’s economy will probably contract by 1 percent in 2016, the ratings firm said.