Fitch Ratings and S and P Global Ratings have identified the first sovereign credit rating of the Republic of Uzbekistan at BB- level with stable outlook. The sovereign credit ratings given by Fitch Ratings and S and P Global Ratings determine the solvency of the states on their obligations. The rating is made in two main areas:

1) Quantitative indicators – volume and growth rates of the economy, fiscal and monetary policy, public debt and gold and currency reserves, banking system, foreign trade relations and others;

2) Quality indicators – political stability, legislative system, public administration, role of country’s international financial institutions in ratings and indices. The reports of international credit rating agencies took into account the analysis of the five-year and anticipated forecasts of country’s economic, political and social spheres, the openness and quality of statistical and other information, the level of competitiveness and the level of government intervention in the economy, based on a conservative approach to the planned reforms. According to the data, these ratings were higher than those of Argentina, Armenia and Belarus, and in Brazil and Georgia. Ratings rated by Fitch Ratings and S and P Global Ratings play an important role for institutional and other investors in international financial markets, gain access to information about Uzbekistan, and help in making decisions for investments. Rating report of Fitch Ratings can be found in the following link:

Fitch ratings report 13.05.2019
S&P Global ratings report 15.06.2019