S&P upgrades Kazakhstan’s sovereign credit rating for 1st time since 2016
On Aug. 21, 2026, S&P Global Ratings raised its long- and short-term sovereign credit ratings on Kazakhstan to 'BBB/A-2' from 'BBB-/A-3'. The outlook on the long-term ratings is stable, Qazinform News Agency reports.
According to the agency’s scale, this marks the first time the country has reached this level since 2016.
The agency said the upgrade reflects Kazakhstan’s stable economic growth prospects, ongoing diversification of its economy, and the presence of substantial accumulated external and fiscal buffers.
According to S&P, Kazakhstan’s economy is expected to remain resilient and continue expanding in the medium term, despite external challenges and volatility in global commodity markets.
Analysts project real GDP growth of 5.1% in 2026, with Kazakhstan’s economy set to grow at relatively high rates compared with other oil‑exporting countries.
S&P highlighted the role of a large‑scale investment program aimed at diversifying the economy. Financing for projects in raw material processing and infrastructure, including through the Baiterek Holding, is expected to raise investment levels to 30% of GDP in the future.
The Agency said that restrained growth in budget spending and measures to broaden the tax base will help reduce the fiscal deficit.
With foreign currency assets significantly exceeding the country’s moderate external debt, Kazakhstan is expected to maintain a strong position as an external creditor.
The agency also noted the banking sector’s resilience to macroeconomic shocks. Consistent improvements in regulatory and supervisory policies have strengthened the stability of the banking system, reduced systemic risks, and improved asset quality.
Previously, the country’s sovereign credit rating was at ‘BBB-’.
Earlier, it was reported that Kazakhstan had collected 178.8 billion tenge in VAT from foreign digital companies since the so-called “Google Tax" was introduced in 2022, with payments continuing to rise.
