S&P Upgrades Kazakhstan’s Outlook to Positive
S&P Global Ratings has revised Kazakhstan’s sovereign credit outlook from stable to positive, affirming the country’s long-term rating at BBB-.
The agency cited progress in economic diversification, improved public administration, and fiscal consolidation as key factors. Moderate external debt levels, stable international reserves, and strengthened monetary policy measures to curb inflation also supported the decision.
S&P forecasts Kazakhstan’s GDP growth at 5.5% in 2025, before moderating to around 4% in 2026–2028. Planned structural reforms, including new budget and tax codes and tighter fiscal rules, are expected to reinforce macroeconomic stability and preserve strong fiscal buffers.
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