S&P Global Affirms Tajikistan’s Credit Rating at B/B with Stable Outlook

International ratings agency S&P Global Ratings has confirmed Tajikistan’s sovereign credit rating at B/B, maintaining a “stable” outlook, the National Bank of Tajikistan announced.

The bank highlighted that Tajikistan has engaged with global rating agencies since 2014 to evaluate its sovereign creditworthiness, The Caspian Post reports, citing The Times of Central Asia.

The reaffirmed rating reflects improved engagement with international partners, consistent economic growth, and rising foreign exchange reserves, all of which contribute to timely debt servicing and reduced pressure on the country’s balance of payments.

Officials emphasized that Tajikistan’s external economic indicators have strengthened in recent years, even as concessional loans continue to make up a large share of its public debt. Maintaining the current rating, they said, affirms the country’s macroeconomic stability and strong economic performance, while enhancing its credibility with foreign investors.

In July, the Eurasian Development Bank (EDB) forecast that Tajikistan’s economy would grow by 8.4% in 2025, the country’s fastest expansion in two decades. Growth of 8% is projected for 2026 and 7.1% for 2027, with Tajikistan expected to outpace both regional and global averages despite a slight moderation.

A key factor underpinning this momentum is remittances from Tajik migrant workers, which are said to account for approximately 45% of GDP. These funds remain vital to the economy, sustaining household consumption and contributing to overall macroeconomic resilience.