Fitch Ratings Affirms Turkmenistan’s «BB-» Rating with a Stable Outlook
The international rating agency Fitch Ratings has affirmed Turkmenistan’s Long-Term Issuer Default Rating (IDR) at “BB-” with a “Stable” outlook. According to Fitch analysts, the key pillars of the country’s financial stability remain an exceptionally strong government balance sheet, minimal debt levels, and substantial foreign currency reserves.
According to Fitch Ratings’ assessment, Turkmenistan’s external liquidity indicators remain exceptionally strong.
In its official report, Fitch Ratings highlights the main macroeconomic advantages of Turkmenistan that provide the country with a significant financial cushion. One of the key factors is the very low level of public debt. Analysts forecast that government debt will continue to decline, reaching 2.7% of GDP by the end of 2027. For comparison, the median figure for countries with a “BB” rating is 52.1% of GDP.
The agency also emphasizes the country’s reliable debt servicing capacity. In 2027, external debt servicing costs are expected to account for only 3.9% of current external revenues, which is almost four times lower than the average level for countries in the same rating category (14.1%).
A fundamental factor behind Turkmenistan’s long-term financial stability is its position as the country with the fourth-largest natural gas reserves in the world. Fitch notes that the implementation of large-scale infrastructure projects is becoming a key driver for expanding export opportunities. In particular, the launch of the fourth stage of development of the supergiant Galkynysh gas field in April 2026 will increase the country’s annual gas production capacity by an additional 10 billion cubic meters.
The agency's analysts also emphasize that the government's policy is focused on maintaining socio-economic stability. They note that the country's available reserves and resources will continue to be used efficiently to support the development of the national industry and the implementation of modern infrastructure projects.
