S&P Global Ratings upgraded on August 21 2026 Kazakhstan's sovereign credit rating to "BBB" from "BBB-" and changed its outlook to "stable" from "positive". The agency highlighted a resilient economy, broader diversification and sizeable external and fiscal cushions as key supports for the decision. S&P expects Kazakhstan's economy to maintain solid growth in the medium term despite external risks and fluctuations in global commodity prices. Real GDP growth is forecast at 5.1% in 2026, keeping the country among the stronger-performing oil exporters. The growth outlook is underpinned by an ambitious investment program targeting infrastructure and higher-value raw-material processing, with Baiterek financing expected to lift investment to around 30% of GDP. Efforts to contain government spending and broaden the tax base should gradually narrow the budget deficit, while substantial foreign exchange assets exceeding moderate external debt provide an additional external buffer.