ALMATY – Moody’s Investors Service international rating agency has affirmed Kazakhstan’s sovereign credit rating at Baa1 with a stable outlook, citing the country’s strong fiscal position and resilience to external shocks.
Photo credit: Ministry of National Economy
According to the agency, the rating is underpinned by Kazakhstan’s low level of government debt, its high debt-servicing capacity, and substantial fiscal reserves, which provide a cushion against global economic volatility.
Other supporting factors include steady economic growth and the nation’s proven ability to withstand crises, reported the Ministry of National Economy press service on Oct. 1.
Moody’s also highlighted Kazakhstan’s ongoing fiscal reforms, including amendments to the Tax Code that envisage an increase in value-added tax (VAT) and adjustments to corporate and personal income taxation.
Analysts expect the budget deficit this year to remain at a moderate level, while government debt will stay among the lowest in the Baa-rated peer group.
The agency noted that Kazakhstan’s institutional and economic reforms could enhance the country’s investment appeal and accelerate economic diversification beyond its current projections.
