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S&P raises Kazakhstan's rating outlook to 'positive

Published

08/23/2025, 16:42

S&P raises Kazakhstan's rating outlook to 'positive

On 23 August, international rating agency S&P Global Ratings changed its outlook on Kazakhstan's sovereign credit rating from 'stable' to 'positive'. The country's rating itself was confirmed at 'BBB-'.

The decision was based on positive developments in economic liberalisation and diversification, improved government efficiency, and a reduction in the budget deficit. The agency also noted the country's moderate external debt, stable international reserves, and the National Bank's efforts to strengthen monetary policy and control inflation.

According to S&P, Kazakhstan's economy could grow by 5.5% in 2025, with growth slowing to 4% in subsequent years. Additional factors strengthening the country's financial stability will include the implementation of institutional and structural reforms, including new Budget and Tax Codes, as well as the National Infrastructure Plan.

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