Kazakhstan Credit Rating

CREDIT RATINGS • SUMMARY
KAZAKHSTAN
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Rating Agency Rating Outlook Last Update Action
Standard & Poor's BBB- - 6 Mar 2023 outlook upgrade
Moody's Investors Service Baa1 - 11 Sep 2024 rating upgrade
Fitch Ratings BBB - 29 Apr 2016 rating downgrade
DBRS - -

Current Kazakhstan credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Kazakhstan ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Kazakhstan, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

Kazakhstan: Long-term Rating Scales Comparison

Kazakhstan long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Kazakhstan sovereign debt. These scales help investors understand the likelihood that Kazakhstan will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Grade Description S&P Moody's Fitch DBRS
Investment
Grade
Prime
AAA
Aaa
AAA
AAA
High Medium Grade
AA+
Aa1
AA+
AA(high)
AA
Aa2
AA
AA
AA-
Aa3
AA-
AA(low)
Upper Medium Grade
A+
A1
A+
A(high)
A
A2
A
A
A-
A3
A-
A(low)
Lower Medium Grade
BBB+
Baa1
BBB+
BBB(high)
BBB
Baa2
BBB
BBB
BBB-
Baa3
BBB-
BBB(low)
Speculative
Grade
Speculative
BB+
Ba1
BB+
BB(high)
BB
Ba2
BB
BB
BB-
Ba3
BB-
BB(low)
Highly Speculative
B+
B1
B+
B(high)
B
B2
B
B
B-
B3
B-
B(low)
Substantial Risk
CCC+
Caa1
CCC+
CCC(high)
CCC
Caa2
CCC
CCC
CCC-
Caa3
CCC-
CCC(low)
Extremely Speculative
CC
Ca
CC
CC
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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Kazakhstan Credit Ratings historical data

Timetable of Kazakhstan credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.

Not enough data.

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Date S&P Moody's Fitch DBRS
11 Sep 2024 Baa1
30 Oct 2023 Baa2
6 Mar 2023 BBB-
11 Oct 2022 BBB-
11 Aug 2021 Baa2
22 Aug 2019 Baa3
8 Sep 2017 BBB-
26 Jul 2017 Baa3
29 Apr 2016 BBB
22 Apr 2016 Baa3
4 Mar 2016 Baa2
17 Feb 2016 BBB-
31 Mar 2015 Baa2
9 Feb 2015 BBB
13 Jun 2014 BBB+
16 Aug 2013 Baa2
20 Nov 2012 BBB+
21 Nov 2011 BBB
7 Nov 2011 BBB+
23 Dec 2010 BBB
20 Dec 2010 BBB-
5 Apr 2010 Baa2
16 Dec 2009 BBB-
12 May 2009 Baa2
8 May 2009 BBB-
9 Nov 2008 BBB-
29 Apr 2008 BBB-
17 Dec 2007 BBB
8 Oct 2007 BBB- BBB
21 Dec 2006 BBB
2 Nov 2006 BBB
13 Jun 2006 BBB-
10 Jun 2006 Baa2
20 Dec 2005 BBB
27 Oct 2004 BBB-
13 Jul 2004 Baa3
20 May 2004 BBB-
19 Nov 2003 BB+
28 May 2003 BB+
11 Oct 2002 BB+
19 Sep 2002 Baa3
25 Jun 2002 BB
12 Jul 2001 BB
18 May 2001 BB
28 Jul 2000 BB-
4 May 2000 B1
22 Dec 1999 B+
18 Feb 1999 B1
15 Feb 1999 BB-
1 Oct 1998 Ba3
16 Sep 1998 B+
27 Jan 1998 BB
11 Nov 1996 Ba3
5 Nov 1996 BB- BB-
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