The international rating agency Standard&Poor's (S&P) has confirmed the sovereign credit rating of Kazakhstan at BBB-/A-3, with a stable outlook.

The key factors supporting the rating of Kazakhstan are the strong fiscal and external balances of the country's economy. Furthermore, the presence of liquid external assets significantly supports the fiscal stability of Kazakhstan. S&P noted that the strong state and external balance sheets will remain robust in the near term and will be sufficient to mitigate potential macroeconomic instability.

In addition, according to the agency, the secondary effects of economic sanctions against Russia are manageable and will not lead to interruptions in Kazakhstan's access to key oil and gas export markets.

According to S&P, Kazakhstan's effective macroeconomic policy will continue through measures to diversify the economy, develop the private sector, increase household incomes, improve the investment climate, and improve tax policy. In addition, the withdrawal of the National Bank of the Republic of Kazakhstan from lending programs will reduce excess tenge liquidity, as well as improve transmission mechanisms. Overall, Standard & Poor's forecasts the growth of Kazakhstan’s economy at 3.6% in 2022 and an average growth of about 4% by 2025.