International credit rating agency Fitch Ratings has affirmed Turkmenistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “BB-” with a Stable Outlook, according to the agency’s latest rating action commentary.

Fitch assesses the country’s sovereign balance sheet as one of the strongest among “BB” and “B” rated sovereigns. Turkmenistan holds the highest level of net foreign assets relative to GDP in its peer group and maintains one of the lowest levels of government debt. The country’s substantial natural gas reserves—the fourth-largest in the world—remain a key strength.

Fitch projects that Turkmenistan’s net foreign assets will reach 50.8% of GDP by 2027. The country’s foreign exchange reserves are considered among the highest in the region, covering more than 52 months of external payments.

Natural gas remains Turkmenistan’s primary export commodity, accounting for 67% of total exports in 2024. Of this, 88% was directed to China. Negotiations are ongoing for the construction of a fourth pipeline from Turkmenistan to China; however, the project is not expected to be completed before 2031.

Fitch Ratings is one of the world’s leading credit rating agencies, evaluating the creditworthiness of countries, companies, and financial instruments. Alongside S&P and Moody’s, Fitch is part of the “Big Three” global credit rating agencies, and its assessments are widely referenced across international financial markets.