S&P upgrades Kazakhstan to BBB; US State Dept cites fiscal transparency

September 7, 2026 at 12:10 PM1 min

This digest was compiled by AI from multiple sources — links to the originals are below.

S&P Global Ratings upgraded Kazakhstan's long-term sovereign credit rating from BBB- to BBB on August 21. The US State Department's 2026 fiscal transparency report named Kazakhstan and Kyrgyzstan as the only Central Asian countries meeting minimum requirements.

Key Facts

S&P Global Ratings upgraded Kazakhstan's long-term sovereign credit rating from BBB- to BBB on August 21.
The short-term rating was raised from A-3 to A-2, and the transfer and convertibility assessment was upgraded to BBB+.
The US State Department's 2026 fiscal transparency report assessed 139 governments and one territory, with 73 meeting minimum requirements.
Kazakhstan and Kyrgyzstan are the only Central Asian countries that met the minimum fiscal transparency requirements; Uzbekistan, Tajikistan, and Turkmenistan did not.

Rating Upgrade

S&P Global Ratings upgraded Kazakhstan's long-term sovereign credit rating from BBB- to BBB on August 21. The agency also raised the short-term rating from A-3 to A-2. S&P cited sustainable economic growth, improved public finances, and significant reserves. The transfer and convertibility assessment was upgraded to BBB+, while the national scale rating was kept at kzAAA.

Fiscal Transparency Report

The US State Department published its 2026 fiscal transparency report in August. The annual assessment covered data from 139 governments and one territory for 2025. 73 governments met the minimum requirements. In Central Asia, only Kazakhstan and Kyrgyzstan met the criteria; Uzbekistan, Tajikistan, and Turkmenistan did not. The State Department evaluates availability, completeness, and reliability of budget information, disclosure of public finance data, and transparency of government contracts, licenses, and procurement.