Fitch Upgrades Uzbekistan's Rating Outlook to 'Positive'
Economy
Uzbekistan has taken a pivotal step toward securing an investment-grade sovereign credit rating. The international rating agency Fitch Ratings has officially upgraded the republic's long-term issuer default rating outlook from 'Stable' to 'Positive.' This revision is underpinned by Tashkent's stringent fiscal discipline, which facilitated a reduction in the budget deficit and drove a substantial expansion of foreign currency reserves. The Presidential Administration's leadership emphasized that this adjustment serves as a direct signal of confidence from global capital markets.
Fitch Ratings has revised the outlook on Uzbekistan's Long-Term Issuer Default Rating to 'Positive' from 'Stable' while affirming the benchmark rating at 'BB'. The agency's analysts emphasized that Tashkent demonstrates robust momentum in executing structural reforms that effectively anchor macroeconomic stability and bolster governance transparency amid persistent global volatility. Strategic monetary and fiscal interventions have driven the budget deficit below target thresholds and significantly fortified the country's external policy buffers.
Concurrently, analysts observe that the current 'BB' rating remains balanced by a low government debt-to-GDP ratio and strong growth potential on one hand, against a relatively low per capita GDP, high commodity dependence, and elevated inflation on the other. Saida Mirziyoyeva, Head of the Presidential Administration and leader of the working group focused on elevating the sovereign credit rating, characterized Fitch's decision as a vote of confidence from international investors and reaffirmed the state's strategic objective: to reach an investment-grade 'BBB-' rating by 2030.
Concurrently, analysts observe that the current 'BB' rating remains balanced by a low government debt-to-GDP ratio and strong growth potential on one hand, against a relatively low per capita GDP, high commodity dependence, and elevated inflation on the other. Saida Mirziyoyeva, Head of the Presidential Administration and leader of the working group focused on elevating the sovereign credit rating, characterized Fitch's decision as a vote of confidence from international investors and reaffirmed the state's strategic objective: to reach an investment-grade 'BBB-' rating by 2030.
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