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Fitch Ratings affirms Turkmenistan's “B+ stable” credit rating

22:1813.08.2022
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Fitch Ratings affirms Turkmenistan's “B+ stable” credit rating

The international agency Fitch Ratings has published a report for 2022. In accordance with the document, the agency assigned Turkmenistan a “B+ stable” rating based on a long-term perspective, which confirms the stability of its economic development. Despite the continuing difficult situation at the global level, the international rating agency assigned such a rating to Turkmenistan for the second time.

In accordance with the information provided on the official website of Fitch Ratings, the economy of Turkmenistan is developing dynamically and is one of the countries successfully merging into the world economic space.
At present time, Turkmenistan maintains active cooperation relations with major international financial organizations and institutions such as the International Monetary Fund, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and the Islamic Development Bank.

Fitch Ratings has determined that the assets of the country's reserve fund are liquid. As evidence of this, according to the results of seven months of 2022, the economic growth of Turkmenistan increased significantly.

The GDP growth rate remained at the level of 6,1%. Compared to the corresponding period last year, total production increased by 11,5%.

The international agency Fitch Ratings was founded in 1913 as a publishing house, and since 1924 has been operating as a rating agency. Along with Standard & Poor's and Moody's, it is one of the top three rating agencies in the world, specializing in providing credit markets with independent and forward-looking credit ratings, audit results and economic data.

Fitch has headquarters in New York and London, and also 51 offices worldwide. The agency's ratings have been assigned to 3 100 financial institutions, 1 600 banks, 1 400 insurance companies, 1 200 corporations, 89 states and more than 45 000 local governments.

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