The international rating agency Fitch Ratings has assigned the State Insurance Organization of Turkmenistan a “B Stable” rating for Insurer Financial Stability (IFS) and Long-Term Issuer Default Rating (IDR), reports Turkmenportal.tm.
"This rating will contribute to the further activation of the organization's foreign economic activities and the expansion of economic ties with other countries," according to a news report published on the agency’s website on January 28.
At a Turkmen Cabinet meeting in November 2024, Deputy Prime Minister in charge of economy and finance, Khojamyrat Geldimyradov, reported to President Serdar Berdymukhamedov on the partnership with Fitch Ratings (UK). He noted that Turkmenistan’s credit rating had been upgraded in August and presented a resolution on expanding cooperation, which is expected to attract more foreign investment and simplify lending conditions.
In the fall of 2023, the deputy prime minister reported on the preparation of a cooperation agreement between the Foreign Economic Bank and Fitch Ratings. According to him, this agreement would help increase foreign investment and improve credit terms. In August, Fitch Ratings upgraded Turkmenistan’s long-term issuer default rating in foreign currency from “B+” to “BB-.”
CentralasianLIGHT.org
January 29, 2025