Uzbekistan has received a boost to its international financial reputation after the global rating agency Fitch Ratings upgraded the country’s long-term foreign-currency issuer default rating from 'BB-' to 'BB', the first such upgrade since 2018.
Reacting to the announcement, Saida Mirziyoyeva, Head of the Presidential Administration, emphasized the positive implications of this development.
"This is the first growth since 2018. The Fitch report specifically recognizes the reforms being implemented in our country and the achievements in maintaining economic stability in a changing and uncertain world," she noted. "This is an important signal for our international partners and will serve to attract even more foreign investment in the future. The team led by our President will continue to implement systemic reforms aimed at improving the well-being of our people. We will not stop on our path!"
The Fitch upgrade aligns with recent actions by other major rating agencies. Moody’s, in its June 13 report, affirmed Uzbekistan’s credit rating at Ba3 but raised its outlook from 'stable' to 'positive', citing improvements in policy effectiveness and institutional quality. S&P Global Ratings also shifted its outlook on Uzbekistan's sovereign rating to 'positive', reinforcing the country's upward trajectory in the eyes of global markets.
Experts say the upgrade carries both symbolic and practical value. According to Odil Musaev, Managing Director at ALKES, the improvement represents a milestone after nearly seven years of being rated BB-.
“Fitch’s upgrade of Uzbekistan to BB is a significant milestone, ending nearly seven years at BB– and signaling strong investor confidence. More than a symbolic shift, this has real financial implications: a one-notch upgrade typically reduces sovereign borrowing costs by around 0.70%, according to IMF research,” Musaev explained. “For Uzbekistan, this could mean saving roughly $7mn per $1bn raised on markets like the LSE — and refinancing existing Eurobond debt at lower rates going forward.”
He added that the improved sovereign credit rating could also open doors to upgrades for major state-owned enterprises (SOEs), many of which raise capital through international markets.
Meanwhile, Uzbekistan’s macroeconomic outlook remains solid. According to the World Bank’s Global Economic Prospects, the country’s GDP grew by 6% in 2024, and is projected to expand by 5.8% in 2025 and 5.9% in 2026 — among the highest growth rates in the Europe and Central Asia region.
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