The rating is supported by the country's strong fiscal position, including low government debt, high serviceability, and significant fiscal reserves that provide protection from external shocks. Additional factors include sustained economic growth and the economy's ability to withstand crises. 

Moody's notes the continued implementation of fiscal reforms in the country, including amendments to the Tax Code providing for an increase in the VAT rate and adjustments to corporate and income taxation.

According to analysts, the budget deficit in 2025 will remain at a moderate level, and public debt will remain one of the lowest debt indicators among countries with a Baa rating.

Moody's notes that ongoing institutional and economic reforms can enhance Kazakhstan's investment attractiveness and accelerate the process of economic diversification beyond their current expectations.

https://www.gov.kz/memleket/entities/economy/press/news/details/1078435?lang=ru

Source : https://www.gov.kz/memleket/entities/kostanai-ekonomika-zhosparlau/press/news/details/1078537?lang=kk