Uzbekistan becomes more reliable for investors

Fitch Ratings has upgraded Uzbekistan’s long-term foreign currency credit rating from “BB-” to “BB”, Nova24.uz reported.

The rating indicates the country’s ability to repay its external debts on time. A higher rating implies lower default risks. The previous “BB-” was considered speculative and non-investment grade.

The new “BB” rating means Uzbekistan is now seen as more creditworthy. This will allow the country to secure international loans at better rates and attract more foreign investors.

Fitch also cited accelerated reforms and improved medium-term growth outlooks as reasons for the upgrade.

Reforms include enhancing monetary policy credibility, promoting privatization, improving institutional transparency, and liberalizing energy tariffs.

The agency expects strong economic growth of 6.3% in 2025–2026, driven by continued reforms, stable demand for key commodities (especially gold), and increased remittances.

However, Fitch also warned that a sharp drop in remittances, a prolonged fall in commodity prices, or a widening trade deficit could lead to a downgrade.

Sustained low growth, rising public spending, significant currency devaluation, or activation of state guarantees may also pose risks.

Further upgrades depend on swift and consistent structural reforms and stronger economic governance.