S&P Global Ratings has upgraded its country risk assessment for Kazakhstan’s banking sector: the “industry risk” component was raised from group “7” to “6”, and the “economic risk” outlook was revised from “stable” to “positive”.
On September 4, 2026, S&P Global Ratings announced an upgrade in its country risk assessment for Kazakhstan’s banking sector. The “industry risk” component was raised from group “7” to “6”, and the “economic risk” outlook was revised from “stable” to “positive”. The agency attributed the upgrade to the effectiveness of the regulator’s supervisory initiatives, including regular asset quality reviews, the implementation of the SREP methodology, and measures to curb retail segment risks. According to S&P, banking regulation in Kazakhstan is more effective than in Uzbekistan, Kyrgyzstan, Armenia, and Azerbaijan. The BICRA upgrade prompted rating actions across Kazakh banks: S&P raised Bank CenterCredit’s long-term rating to “BB+” and revised the outlooks for Halyk Bank, Nurbank, and Freedom Holding to “Positive”.
