BAKU, Azerbaijan, February 4. Fitch Ratings, an international rating agency, has affirmed Turkmenistan's long-term foreign currency Issuer Default Rating (IDR) at B+ with a positive outlook, Trend reports.
Turkmenistan's robust sovereign balance sheet, characterized by a high net foreign asset (SNFA)/GDP ratio and minimal public debt in comparison to its 'B' counterparts, supports its current rating. Additionally, Turkmenistan holds the distinction of having the fourth-largest gas reserves globally.
Experts observe that the proportion of sovereign net foreign assets (SNFA) to GDP in 2023 increased to 51.5%, surpassing the average estimate for the B category. There have also been enhancements in liquidity indicators. Projections indicate that external debt service will persist below 9% of current external revenues through 2025.
The agency highlights the heightened international involvement of the Turkmen government and its advancements in the World Trade Organization (WTO) accession process.
Fitch Ratings is an international rating agency specializing in assessing the creditworthiness and financial stability of various organizations, including corporations, banks, governments, and other financial institutions.
The agency aims to provide business intelligence to facilitate effective decision-making and decrease business risks for its clients.