Kazakhstan Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Kazakhstan	Baa1 Stable	BBB- Positive	BBB Stable	NR	NR

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Kazakhstan	Aug 22, 2025	S&P	BBB-	Stable	BBB-	Positive
Kazakhstan	Sep 09, 2024	Moody's	Baa2	Positive	Baa1	Stable
Kazakhstan	Oct 27, 2023	Moody's	Baa2	Stable	Baa2	Positive
Kazakhstan	Mar 03, 2023	S&P	BBB-	Stable	BBB-	Stable
Kazakhstan	Aug 11, 2021	Moody's	Baa3	Positive	Baa2	Stable
Kazakhstan	Aug 22, 2019	Moody's	Baa3	Stable	Baa3	Positive
Kazakhstan	Sep 08, 2017	S&P	BBB-	Negative	BBB-	Stable
Kazakhstan	Jul 26, 2017	Moody's	Baa3	Negative	Baa3	Stable
Kazakhstan	Apr 29, 2016	Fitch	BBB+	Stable	BBB	Stable
Kazakhstan	Apr 22, 2016	Moody's	Baa2	Negative	Baa3	Negative
Kazakhstan	Mar 04, 2016	Moody's	Baa2	Stable	Baa2	Negative
Kazakhstan	Feb 17, 2016	S&P	BBB	Negative	BBB-	Negative
Kazakhstan	Mar 31, 2015	Moody's	Baa2	Positive	Baa2	Stable
Kazakhstan	Feb 09, 2015	S&P	BBB+	Negative	BBB	Negative
Kazakhstan	Jun 13, 2014	S&P	BBB+	Stable	BBB+	Negative
Kazakhstan	Aug 16, 2013	Moody's	Baa2	Stable	Baa2	Positive
Kazakhstan	Nov 20, 2012	Fitch	BBB	Positive	BBB+	Stable
Kazakhstan	Nov 21, 2011	Fitch	BBB-	Positive	BBB	Positive
Kazakhstan	Nov 07, 2011	S&P	BBB	Stable	BBB+	Stable
Kazakhstan	Dec 23, 2010	S&P	BBB-	Stable	BBB	Stable

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Kazakhstan’s current credit rating?

Kazakhstan’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Kazakhstan’s credit risk.

Has Kazakhstan’s credit rating changed recently?

This page lists the latest rating and outlook actions for Kazakhstan, showing when each agency last reviewed or changed its assessment.

Why does Kazakhstan’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Kazakhstan's bond yields, currency, and equity flows as investors reassess risk.

How does Kazakhstan’s rating compare to other countries?

You can explore how Kazakhstan ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.