BAKU, Azerbaijan, August 23. On August 22, S&P revised the outlook for Kazakhstan’s sovereign credit rating from “Stable” to “Positive” while affirming the rating at “BBB-,” the Ministry of Economy of Kazakhstan said, Trend reports.
According to the ministry, the agency’s decision reflects Kazakhstan’s steady progress in advancing institutional and economic reforms, including the adoption of new Budget and Tax Codes.
“S&P believes that the introduction of stricter fiscal rules, together with a significant expansion of the revenue base, will help consolidate public finances, reduce the budget deficit, and ensure stability in public debt levels over the medium term,” the ministry noted.
S&P also emphasized that Kazakhstan’s position as a net external creditor remains strong, supported by low external debt and substantial international reserves as well as assets held in the National Fund.
The report highlighted that the improved outlook is further underpinned by ongoing reforms aimed at liberalizing and diversifying the economy. Analysts expect that the implementation of the National Infrastructure Plan and other modernization measures will gradually reduce the country’s dependence on oil revenues and increase non-oil income, the ministry added.