Standard & Poor’s (S&P) has affirmed Kazakhstan’s
sovereign credit rating at «BBB—» with a stable outlook. According to the
International Rating Agency, in 2025, the country’s economy is projected to
grow by 4.9%, with a subsequent slowdown in 2026 to 3.4%. Analysts attribute
this growth to increased oil production, the Tengiz oil field expansion, and
public infrastructure investments. Kazakhstan’s substantial fiscal and external
balance sheets remain key factors supporting its rating, they provide sufficient
reserves for possible risks. According to forecasts, the country’s liquid
external assets will significantly exceed its external debt.
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