Moody's Ratings: Kyrgyzstan’s credit rating upgrades

Bishkek, Oct. 17, 2025 /Kabar/. Kyrgyz Finance Minister Almaz Baketaev discussed prospects for cooperation, the country's credit rating, investment image, and attracting external financing with Moody's Managing Director David Aldrich. According to the agency, Moody's revised the outlook on the Kyrgyz Republic's sovereign credit rating from "Stable" to "Positive," affirming the long-term rating at B3.

The country's economy is demonstrating strong growth: real GDP increased by 11.5% from January to July 2025. In May 2025, the debut Eurobond issue, worth $700 million, was successfully completed; demand exceeded supply threefold. The maturity period is five years, with a coupon of 7.75%.

The funds raised are being used to purchase gold (29,528 ounces, approximately 10 billion soms), place deposits (24 billion soms), and provide budget loans (26 billion soms at 6% per annum). The proceeds are being accumulated in the public debt mitigation account to service external debt.

The country's budget system remains stable: the 2024 national budget surplus amounted to 34 billion soms, with forecasts for 2025–2027 of 24 billion, 1 billion, and 41 billion soms, respectively. The consolidated budget for 2025 is expected to be approximately 1 trillion soms.

The Ministry of Finance values ​​its cooperation with Moody's and expects continued support in strengthening its credit rating and attracting investment.