The main factors supporting the country's rating remain strong fiscal and external balances, which provide sufficient reserves for potential external risks.
Agency experts predict that the country's liquid external assets will significantly exceed external debt.
S&P noted that the planned growth in oil production and the expansion of capacities at the Tengiz oil field will have a positive impact on economic growth.
The publication noted that Kazakhstan's medium-term fiscal trajectory will depend on compliance with fiscal rules. It is expected that expanding the tax base and limiting additional transfers from the National Fund of the Republic of Kazakhstan will allow reducing the budget deficit.
S&P also noted the resilience of Kazakhstan's banking sector to geopolitical and macroeconomic risks. According to experts, second-tier banks have sufficient capital reserves and stable liquidity.

Source : https://www.gov.kz/memleket/entities/economy/press/news/details/943794