National Bank to co-found Kazakhstan’s new credit rating agency

Under the new framework, credit ratings may only be issued by agencies registered and recognized in accordance with the law. Rating agencies will be classified as Kazakhstani, international or foreign.

One of the major upgrades is the creation of the new domestic rating agency, with the National Bank among its founders. The new domestic agency will face specific requirements covering capital, corporate governance, internal controls and conflict-of-interest management. It will be able to issue not only credit ratings but also ratings related to corporate governance, Islamic finance compliance, sovereign creditworthiness and sustainable development.

The law requires rating methodologies to be transparent and well-founded, while information used to determine ratings must be accurate and reliable. Agencies will also have to disclose information required by law and maintain operational independence.

Executives of the new Kazakhstani rating agency will be required to have higher education in economics, law, mathematics or a technical field, along with relevant professional experience.

They must also have an unblemished business reputation. Restrictions will apply to individuals involved in corruption offenses or those previously barred from holding senior positions at financial institutions.

The agency itself will assess whether candidates meet the requirements.

The new rules are expected to strengthen oversight of Kazakhstan’s credit-rating market and help protect users from unjustified or conflict-driven assessments.

The law will take effect on October 21, 2026, with certain provisions scheduled to come into force on July 1, 2027.

Earlier, Qazinform reported the Kazakh Majilis had passed the Law on Credit Rating Activities in its second reading.