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.