S&P affirms Kazakhstan BBB-/A-3 ratings: outlook positive

S&P affirms Kazakhstan BBB-/A-3 ratings: outlook positive

S&P Affirms Kazakhstan’s BBB-/A-3 Ratings; Outlook Remains Positive

Standard & Poor’s Global Ratings has affirmed Kazakhstan’s long-term sovereign credit rating at BBB- with a positive outlook, reflecting the country’s improving fiscal resilience and economic stability. The rating, last updated on August 22, 2025, underscores S&P's confidence in Kazakhstan’s ability to manage external risks while maintaining prudent fiscal policies.

The positive outlook aligns with S&P’s assessment of Kazakhstan’s structural economic strengths, including its diversified resource base, robust foreign exchange reserves, and ongoing reforms to enhance governance and public finances. While the nation remains vulnerable to global commodity price fluctuations, its fiscal framework and debt management have demonstrated resilience in recent years.

Kazakhstan’s credit profile is also supported by its strong institutional framework and low levels of public debt relative to GDP. According to S&P’s criteria, the country meets key metrics for a “medium investment-grade” rating, including stable growth trajectories and effective policy implementation. However, challenges such as demographic pressures and regional economic volatility remain monitored factors.

Comparatively, Moody’s Investors Service currently rates Kazakhstan at Baa1 with a stable outlook, reflecting a slightly more cautious view of long-term risks. Both agencies highlight the importance of sustained fiscal discipline in preserving creditworthiness, particularly as global interest rates remain elevated.

The affirmation of Kazakhstan’s BBB- rating by S&P is likely to support favorable borrowing conditions for the country in international capital markets. A positive outlook signals potential for a future upgrade, contingent on continued progress in economic reforms and debt sustainability. Investors and policymakers alike will closely watch upcoming fiscal reports and global commodity trends for further signals of stability.

(https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3327394): S&P Global Ratings, “Kazakhstan Affirmed At ‘BBB-/A-3’; Outlook Stable,” https://www.spglobal.com/ratings
(https://tradingeconomics.com/kazakhstan/rating): Trading Economics, “Credit Rating - Kazakhstan,” https://tradingeconomics.com/kazakhstan/rating