/S&P Global Ratings, August 22, 2025, heading by KASE/ – On August 22, 2025, the rating agency S&P Global Ratings revised the outlook on Kazakhstan's rating from stable to positive and affirmed the country's long-term sovereign credit rating at "BBB-" and short-term sovereign credit rating – at "A-3".

The Transmission and Convertibility (T&C) rating remains at 'BBB'. At the same time, we affirmed Kazakhstan's national scale rating at 'kzAAA'.

The positive outlook reflects our expectation that tighter fiscal rules introduced in the new budget code, coupled with broader expansion of the revenue base under the revised tax code, will support the government's efforts to achieve fiscal consolidation over the next two to three years while maintaining substantial liquid asset buffers.

* The full version of the press release is posted on the rating agency's website.

[2025-08-25]