S&P upgrades Kazakhstan’s sovereign credit rating to BBB

S&P Global Ratings has upgraded Kazakhstan’s sovereign credit rating from “BBB-” to “BBB,” marking the country’s return to the rating level for the first time since 2016, according to Kazakhstan’s Ministry of National Economy.

The ministry said the upgrade reflects Kazakhstan’s stable economic outlook, continued economic diversification and substantial external and fiscal reserves, Caliber.Az reports via Kazakh media. 

S&P forecasts Kazakhstan’s real gross domestic product (GDP) will grow by 5.1% in 2026, supported by large-scale investment, infrastructure development and increased processing of raw materials.

The agency also expects Kazakhstan’s budget deficit to narrow and highlighted the stability of the country’s banking sector and its strong external position.

By Sabina Mammadli