Moody's has affirmed the sovereign credit rating of the Republic of Kazakhstan at Baa1, with a stable outlook

The rating affirmation reflects Kazakhstan's strong fiscal position, supported by low public debt, high debt servicing capacity, and accumulated foreign currency assets. This provides flexibility for economic policy and a significant cushion to mitigate the impact of external economic shocks. The agency notes that despite declining oil production, Kazakhstan's economy continues to grow thanks to the significant contribution of manufacturing, construction, transport, and other non-oil sectors to GDP growth. Continued investment in digital, transport, and energy infrastructure will further support medium-term economic growth, deepening the complexity of the economy. Moody's estimates that non-oil sectors will remain the main growth drivers. Moody's believes that tax reforms will contribute to strengthening fiscal sustainability by expanding the budget's non-oil revenue base. Overall, further economic diversification, coupled with tax reform and investments in digital, transport, and energy infrastructure, improves the fiscal outlook and opportunities for further economic growth.