BISHKEK, Kyrgyzstan, April 1. S&P Global
Ratings has assigned Kyrgyzstan a B+/B long- and short-term foreign
and local currency sovereign credit rating, with a stable
outlook.
Data obtained by Trend from S&P shows a translation and
convertibility (T&C) grade of B+. The stable outlook reflects
expectations of strong economic growth over the next one to two
years, as well as modest public debt levels in a global
context.
However, risks stem from the country’s balance of payments
vulnerabilities and geopolitical uncertainties that could impact
trade, investment, and financial flows.
In a downside scenario, ratings could be downgraded if external
trade conditions worsen, negatively affecting Kyrgyzstan’s growth
and fiscal position. Political instability, particularly linked to
Kyrgyzstan’s history of revolutions, is another potential risk.
On the upside, ratings could improve if the country’s balance of
payments risks decrease, economic diversification increases, and
its fiscal position remains stable. Strengthened institutional
frameworks, such as more resilient governance and improved debt
management, could also lead to an upgrade.
S&P data shows that Kyrgyzstan, with a population of 7.3
million, has a nominal GDP of $17.5 billion. Despite rapid growth
in 2022-2024, the country’s economy remains small, with trade,
manufacturing, agriculture, and construction being the main
contributors. GDP per capita is projected to reach $2,500 in
2025.