The Kyrgyz Ministry of Economy and Commerce has signed an agreement with the ratings agencies S&P (Standard and Poor’s) and Fitch.
In a statement, the ministry said: “To build the republic’s potential in the international arena and to enter international markets, it is necessary to cooperate with the three big international rating agencies: Moody’s, S&P, and Fitch.”
This week, Minister of Economy Daniyar Amangeldiev met with representatives from S&P and Fitch and Oppenheimer Europe Ltd’s investment bank. Oppenheimer Europe Ltd. will act as a consultant for work with the rating agencies. The parties discussed the prospects of strengthening cooperation and joint work in assessing credit risks and Kyrgyzstan’s investment attractiveness.
“The parties expressed readiness to work on actively assigning and improving long-term rating. This will create prerequisites for strengthening the confidence of partners and investors”, the agencies commented.
Rating agency representatives informed Kyrgyz officials about the need to assign a credit rating and the stages of entering international capital markets.
In 2015, the Ministry of Economy of Kyrgyzstan signed an agreement with rating agencies Moody’s and Standard and Poor’s, giving the country an international credit rating for the first time.
In 2016, the Kyrgyz authorities rejected the services of Standard and Poor’s, for unnamed reasons.
In May 2024, Moody’s raised Kyrgyzstan’s credit rating from negative to stable. Contrary to the agency’s forecasts, Kyrgyzstan’s economy and budget indicators have been virtually unaffected by Western sanctions imposed on Russia, the country’s largest trading partner.
