Moody's has upgraded Kyrgyzstan's sovereign credit rating from B3 to B2 with a stable outlook, Economist.kg reported.
According to the latest macroeconomic review by the Eurasian Development Bank (EDB), the key factors in the decision were high economic growth rates and strengthening public finances. From 2022 to 2025, the country's GDP grew by an average of 10% annually, while the public debt-to-GDP ratio fell to 37.5%. The EDB forecasts Kyrgyzstan's economic growth at 10.2% by the end of 2026, supported by a budget surplus of 7.3% of GDP for January–July.
The upgrade of the sovereign rating reflects fundamental changes in Kyrgyzstan's fiscal policy and macroeconomic dynamics:
Strengthening Creditworthiness: The upgrade to B2 confirms reduced default risks and improved public debt manageability, reducing the cost of external borrowing for domestic businesses.
Fiscal Buffer: A budget surplus allows for the accumulation of reserves for infrastructure investment and the mitigation of external shocks without increasing the debt burden.
Sub-Investment Grade Limitations: Despite the positive momentum, the rating remains below investment grade, requiring continued structural reforms and economic diversification to attract institutional investors.
CentralasianLIGHT.org
October 12, 2026