S&P affirms sovereign credit rating of Kazakhstan, improving outlook from "negative" to "stable

International rating agency Standard & Poor's affirmed Kazakhstan's sovereign credit rating at "BBB-/A-3", improving the outlook from "negative" to "stable".
The key factors supporting Kazakhstan's rating are strong fiscal and external balance sheets of the country's economy. At the same time, the availability of liquid external assets significantly supports the fiscal sustainability of the country.
The S&P report emphasizes that the country's fiscal and external balances remain strong and will be sufficient to mitigate the potential impact due to lower oil exports associated with temporary disruptions to the Caspian Pipeline Consortium (CPC). 
The analysts also note the effective macroeconomic policy pursued by the government, which is aimed at diversifying the economy through investment programs, improvement of investment climate, reduction of state participation, development of competition, improvement of tax policy, reforming public procurement, as well as reduction of administrative barriers for business. 
According to analysts of the agency, the sustained growth in the non-oil sector will also be supported by measures taken to attract foreign investment. 
In general, S&P forecasts Kazakhstan's economy growth of 4.1% in 2023 and an average of about 4% in 2023-2026. 
The Government of Kazakhstan will continue to work actively to maintain the sovereign rating at the level of investment strength.