International credit rating agency Standard & Poor’s (S&P) has upgraded Kyrgyzstan’s credit rating to ‘B+’ with a stable outlook, the government’s press service announced.
“This significant achievement is the result of large-scale structural reforms implemented in recent years to boost business activity, support strategic industries, modernize infrastructure, and improve the investment climate,” the Cabinet of Ministers stated.
According to the S&P Global Ratings report:
👉 Kyrgyzstan achieved 9% real GDP growth between 2022 and 2024, driven by regional trade reorientation and increased domestic demand.
👉 Domestic consumption grew by 15%, while unemployment dropped to 4% in 2024, reflecting positive labor market dynamics.
👉 The current account deficit is projected at 5.5% of GDP, considered moderate, while rising foreign exchange reserves help maintain economic stability.
👉 Demographic growth of 2% per year creates long-term economic expansion prospects.
Kyrgyzstan is now perceived not as a high-risk country but as a developing economy with growth potential.
S&P evaluates economies based on institutional effectiveness, financial flexibility, and debt burden. A ‘B+’ rating opens new opportunities for the corporate sector, allowing companies to access international financial markets. It also enables the government to issue sovereign eurobonds and strengthens investor confidence.
✅ In November 2024, S&P reaffirmed Uzbekistan’s ‘BB-’ credit rating with a stable outlook. As of August 2024, Turkmenistan held the same rating. That same month, Tajikistan’s long-term sovereign credit rating was upgraded from ‘B-’ to ‘B’ with a stable outlook.
Kazakhstan remains the only Central Asian country with an investment-grade rating. In February, S&P confirmed Kazakhstan’s long-term sovereign credit rating at ‘BBB-’ and short-term rating at ‘A-3’ with a stable outlook.
