Rating of KZ: BBB-

"S&P Global Ratings has confirmed Kazakhstani sovereign credit rating at "BBB-", with a "stable" outlook.

According to the agency, Kazakhstan's rating is supported by the country's stable fiscal position, including due to the funds accumulated in the National Fund and the low level of external debt. Measures implemented by the Government of the Republic of Kazakhstan aimed at curbing the negative manifestations of the pandemic, as well as a high level of stability and predictability of state institutions due to the continuity of power, have a positive impact on the economy.

The rating agency predicts a sharp recovery of the national economy in the short term - the average growth rate in 2021-2023 will be about 4%.

S&P notes that the main factor in the growth of the national economy in 2019 was the non-oil sector, including construction, transport, and manufacturing. In 2020-2022, the non-oil sector will continue to be a leading factor in the recovery and growth of national production.