The international rating agency Standard & Poor's has reaffirmed Kazakhstan's sovereign credit rating at "BBB-/A-3" with a "Stable" outlook. This was stated in a message from the press service of the Ministry of National Economy.
The key factors supporting the country's rating remain strong fiscal and external balances, which provide sufficient reserves against potential external risks. Agency analysts predict that the country’s liquid external assets will significantly exceed its external debt.
S&P notes that the planned increase in oil production and the expansion of capacity at the Tengiz oil field will positively influence economic growth.
The publication highlights that Kazakhstan's medium-term fiscal trajectory will depend on adherence to fiscal rules. It is expected that broadening the tax base and limiting additional transfers from the National Fund of the Republic of Kazakhstan will help reduce the budget deficit.
S&P also noted the resilience of Kazakhstan's banking sector to geopolitical and macroeconomic risks. According to analysts, second-tier banks possess sufficient capital buffers and stable liquidity.
Earlier, S&P Global Ratings published an analytical review titled "Banking Sector Outlook for Central Asian and Caucasian Countries for 2025: Positive Trends Continue." It mentioned that the net profit and return on equity indicators of Kazakhstani banks will remain high, although the peak profitability level has "likely already passed."