Moody’s Ratings Agency has revised the outlook on Kyrgyzstan’s sovereign credit rating from “Stable” to “Positive,” while affirming the long-term rating at B3, according to banks.kg.
The announcement followed a meeting between Finance Minister Almaz Baketayev and David Aldrich, Managing Director of Moody’s Commercial Division, where both sides discussed strengthening Kyrgyzstan’s investment image, enhancing its credit profile, and expanding external financing opportunities.
Kyrgyzstan’s economy has shown robust growth, with real GDP rising by 11.5%from January to July 2025. In May, the country successfully issued its first-ever Eurobond, worth $700mn, with demand exceeding supply more than threefold. The five-year bonds were issued at a 7.75% coupon rate.
The funds raised have been strategically allocated for the purchase of 29,528 ounces of gold (around KGS 10bn ($114.4mn)), placement of deposits worth KGS 24bn ($274.4mn), and provision of budget loans totaling KGS 26bn ($297.3mn) at 6% per annum. The income generated from these operations is directed into a government debt relief account, which is used to service external debt obligations.
The Ministry highlighted that Kyrgyzstan’s fiscal position remains stable, underscored by a budget surplus of KGS 34bn ($388.8mn) in 2024. Projections indicate continued fiscal discipline, with expected surpluses of KGS 24bn ($274.4mn) in 2025 - KGS 41bn ($468.8mn) in 2027. The 2025 consolidated budget is estimated at approximately KGS 1 trillion ($11.4bn).
Minister Baketayev expressed appreciation for Moody’s engagement, emphasizing that the Ministry of Finance “highly values its cooperation with Moody’s and looks forward to further strengthening Kyrgyzstan’s position in international financial markets.”
This latest development follows S&P Global Ratings’ decision in April 2025 to assign Kyrgyzstan a B+ rating with a Stable outlook, marking a continued trend of improved assessments from major international rating agencies.
