Fitch Assesses Uzbekistan's Chances of Obtaining Investment Rating by 2030
To achieve this, the country needs to continue reforms and achieve sustained improvement in public finances
Uzbekistan's sovereign rating from the international credit rating agency Fitch Ratings is currently at BB with a 'positive' outlook. This was stated on 27 October at the Fitch on Uzbekistan conference by Sagrika Chandra, Director of the Sovereign Ratings Group for the Asia-Pacific region. According to her, such an outlook typically remains in effect for 18–24 months, and the next possible step would be an upgrade to BB+ if the agency's conditions are met.
After this, Uzbekistan would have one more step to reach the minimum investment-grade level of BBB-. Fitch expects the maintenance of high economic growth rates and the continuation of structural reforms, as well as a sustained improvement in budgetary indicators. The agency separately considers risks associated with the large state sector and potential obligations of state-owned enterprises to the budget.
Chandra did not confirm the achievement of a BBB- rating by 2030. Further decisions will depend on the actual results of reforms and the state of the economy: indicators exceeding the baseline scenario may accelerate the upgrade, while a significant shock could lead to a reassessment.
