S&P Global Ratings lowered Kazakhstan’s banking system risk score from 7 to 6, citing stronger regulation and supervision.
The decision was made on September 4. S&P also revised the trend for Kazakhstan’s economic risk assessment from stable to positive. On the BICRA scale, where 1 represents the lowest risk, Kazakhstan is now on par with Bahrain and Oman. In Central Asia, Kyrgyzstan received a score of 8, while Uzbekistan was rated 9. The upgrade reflects regular asset quality reviews, risk-based supervision, and measures to curb excessive risk in retail lending, along with tighter capital and liquidity controls.
