The Ministry of Economy and Commerce of Kyrgyzstan commented on the authorities’ decision to sign an agreement with rating agencies to obtain a sovereign credit rating for the country.
«The Kyrgyz Republic is a developing investment market offering potentially highly profitable investments both in the stock and over-the-counter securities market, and in the real economy (direct investment).
In this regard, credit ratings play an important role for companies and government bodies, allowing them to attract funds (investments) from international capital markets.
The credit rating of the Kyrgyz Republic for 2024 is characterized as «stable». According to the published report of the international credit agency Moody’s, the country’s rating has been upgraded from negative to stable.
In order to further increase the country’s potential in the international arena and enter the international debt and equity capital markets, cooperation with the three large international rating agencies — Moody’s, S&P and Fitch is necessary,» the statement says.
A meeting with the rating agencies Fitch and Standard and Poor’s, as well as Oppenheimer Europe Ltd., with the invitation of interested government agencies and commercial banks, took place earlier at the Ministry of Economy and Commerce of the Kyrgyz Republic.
The prospects for strengthening cooperation and joint work in the field of assessing credit risks and investment attractiveness were discussed.
The parties expressed their readiness to actively work on assigning and upgrading the long-term issuer default rating in national and foreign currencies (sovereign credit rating), which, in turn, will create the preconditions for strengthening the trust of partners and investors.
Recall, the Kyrgyz Republic refused the services of the rating agency Standard & Poor’s in 2016. The government did not name the reasons for this decision.
