Kazakhstan Maintains Investment-Grade Credit Rating from Major Agencies

Kazakhstan's economy, ranked among the world's top 50 by the IMF, has once again received a vote of confidence from global financial markets. The country's sovereign credit rating has been affirmed at investment-grade levels by the world's leading agencies—Moody's, Fitch Ratings, and Standard & Poor's—with positive outlooks underscoring economic stability.

Since 2002, Kazakhstan has held the distinction of being the only nation in Central Asia with an investment-grade sovereign credit rating. This status has proven crucial for accessing international capital. In 2024-2025, the country successfully returned to external debt markets, issuing Eurobonds three times for a total of $5.5 billion under favorable terms, signaling strong investor trust in its low-risk and promising economy.

The recent confirmations highlight sustained fiscal discipline. In July 2025, Fitch Ratings affirmed Kazakhstan's rating at 'BBB' with a 'Stable' outlook. Moody's followed in September 2025, maintaining its 'Baa1' rating and 'Stable' forecast.

A significant development came from Standard & Poor's (S&P). In August 2025, the agency improved its outlook on Kazakhstan’s 'BBB-' rating from 'Stable' to 'Positive', citing steady progress in institutional and economic reforms, including the adoption of new Budget and Tax Codes. This positive outlook was reaffirmed in February 2026.

Analysts attribute the stable ratings and positive trajectory to several key factors: ongoing fiscal consolidation, substantial buffers of highly liquid assets, continued economic diversification, and enhanced public administration through large-scale digitalization. Strict adherence to fiscal rules—particularly regarding the use of National Fund resources—alongside an expanding non-oil tax base is expected to further strengthen public finances.

S&P analysts also viewed positively a major investment program launched last year, focused on developing manufacturing industries. The scale and portfolio of projects managed by the national holding company "Baiterek" in priority sectors are projected to maintain a higher level of investment-to-GDP ratio compared to previous years.

The data confirms that economic diversification is advancing. For the second consecutive year, the share of manufacturing in GDP has surpassed that of mining. Preliminary figures for 2025 show manufacturing reached 12.7% of GDP.