S&P Global Boosts Kazakhstan’s Credit Outlook to Positive

S&P Global, a leading international credit rating agency, has upgraded Kazakhstan’s sovereign credit outlook from Stable to Positive while maintaining its BBB- rating.

This revision reflects Kazakhstan’s consistent progress in institutional and economic reforms, including the recent adoption of updated Budget and Tax Codes, The Caspian Post informs via Kazakh media.

S&P points to the implementation of stricter fiscal rules and a significant broadening of the revenue base as key factors that will support fiscal consolidation, narrow the budget deficit, and help sustain stable public debt levels over the medium term.

The agency also emphasized Kazakhstan’s robust position as a net external creditor, bolstered by low external debt and strong international reserves alongside National Fund assets.

The improved outlook is further supported by ongoing reforms aimed at economic liberalization and diversification. Analysts expect that initiatives such as the National Infrastructure Plan and other modernization efforts will gradually reduce dependence on oil revenues and enhance non-oil sector income.

Additionally, the government is advancing comprehensive institutional and social reforms, including anti-corruption measures, decentralization, and increased transparency in governance. These efforts have reinforced the social framework and garnered broad public support for the reform agenda.

S&P also assesses the risk of secondary sanctions as low, reinforcing the positive outlook for Kazakhstan’s credit profile.