International agency S&P has upgraded Kyrgyzstan's credit rating to B+, which puts the country on par with such states as Turkey, Uzbekistan and Armenia. Previously, the rating was lower, but improved macroeconomic indicators and lower risks allowed the rating to be upgraded by three notches.

‘The report notes the dynamic growth of the Kyrgyz Republic over the past 3 years. The agency also noted a significant increase in the size of the economy, strengthening of the country's budgetary position, thanks to the structural reforms of the State Administration carried out over the past few years, measures on fiscalisation of the national economy, improvement of indicators of foreign economic activity’, - said the Minister of Economy Bakyt Sydykov.

Although the B+ rating is one notch lower than Turkey's and Uzbekistan's, their economies are much larger. For example, Kyrgyzstan's GDP is $17 billion, while Turkey's is more than $1 trillion. Nevertheless, the upgrade strengthens the country's position in international markets.

S&P evaluates the economy on such parameters as institutional efficiency, financial flexibility and debt burden. Kyrgyzstan has improved liquidity and investment indicators, and is closer to the level of Turkey and Uzbekistan in terms of monetary policy.
A credit rating upgrade could attract new investors and improve external borrowing conditions. Kyrgyzstan is no longer seen as a high-risk country, but as an emerging economy with growth potential.

Despite the improvement, the country will have to further strengthen the economy and implement reforms. However, the rating upgrade is already a positive signal that opens up new opportunities for growth and capital inflows.