OECD UPGRADES UZBEKISTAN CREDIT RISK RATING

The Organization for Economic Cooperation and Development (OECD) has improved Uzbekistan’s credit risk rating, moving the country from point 6 to point 5, the Uzbek finance ministry said Saturday. Improvement of Uzbekistan’s position in the classification of the country credit risks significantly reduces the insurance premium for attracted loans under the guarantee of export-credit agencies, according to the ministry. The ministry also said OECD’s upgraded rating “is expected to contribute directly to the successful placement of the first international bonds of the Republic of Uzbekistan in global financial markets.” “Taking into account the fact that the Republic’s long-standing official appeals have not been successful so far, this event is truly historical,” the statement said. Uzbekistan, Central Asia’s most populous country, is planning to issue its debut Eurobonds in the coming months and has been carrying out economic reforms since 2017 in a bid to open up the country to foreign investors. OECD’s updated classification of country credit risks was published on Friday. Group 5 also includes Kazakhstan, Azerbaijan, Brazil, Turkey, Serbia and Vietnam. The OECD score is set on a seven-point scale. Group 1 includes the countries with minimal risks, and group 7 includes the countries with the greatest risks.

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