International credit rating agency Standard & Poor’s (S&P) has initiated the process of preparing the sovereign credit rating for Tajikistan, according to the press service of the National Bank of Tajikistan (NBT). Specialists from the agency have reportedly arrived in Dushanbe to conduct a detailed analysis of the country’s financial and economic stability.
During their visit, S&P analysts Julia Filok and Roman Rybalkin met with NBT Chairman Firdavs Tolibzoda on July 14. The meeting focused on a wide range of issues, including the state of the banking system, monetary policy, statistical dynamics, inflation control, and measures to maintain financial stability in the country. Discussions also covered fiscal and monetary indicators, inflation targeting mechanisms, and the management of international reserves.
Despite the challenging global political and economic situation, the meeting reportedly highlighted that Tajikistan continues to experience steady economic and financial growth.
In preparing its rating, S&P analysts will consider several key factors, including regional and country-specific conditions, economic growth trends, the profitability of the banking system, the strengthening and development of international reserve management, and the ongoing reforms within the country.
Under a bilateral agreement, S&P assigns Tajikistan’s sovereign credit rating on an annual basis. The agency’s analytical report, which accompanies the assigned rating, plays a crucial role in attracting foreign investment and provides Tajikistan with access to international financial markets.
According to the country’s Ministry of Finance, Tajikistan’s external debt stood at US$3.1 billion as of April 1, 2025, a decrease of US$87 million (2.7%) from the beginning of the year. The majority of this debt (95.6%) is attributed to the state debt, while 4.4% corresponds to obligations backed by state guarantees. China remains Tajikistan's largest creditor, with a debt of approximately US$1 billion. Other significant creditors include the World Bank, the Asian Development Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development.
The country still faces outstanding debt on US$500 million in Eurobonds, issued in 2017 to fund the construction of the Roghun hydroelectric power plant.
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody's Ratings and Fitch Ratings. Its head office is located in New York City.
