/S&P Global Ratings, 21.08.26, heading by KASE/ – On August 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.

We also revised upward the transfer and convertibility assessment to 'BBB+'. At the same time, we affirmed our 'kzAAA' Kazakhstan national scale rating on Kazakhstan.

The stable outlook on the rating on Kazakhstan reflects our view that the country's strong buffers should help it temporarily manage possible external shocks. The stable outlook also reflects our expectation that the government will broadly stick to its target of reducing non-oil fiscal deficits and contain quasi-fiscal activities of state- owned enterprises. We also assume that possible disruptions to oil export via CPC pipeline will be short-lived.

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

[2026-08-24]