12 March 2020

RAEX-Europe has confirmed the credit rating of Uzbekistan at BB- stable.

Rating-Agentur Expert RA confirmed the sovereign government credit rating (SGC) of Uzbekistan at ‘BB-’ (Sufficient level of creditworthiness of the government) and at ‘BB-’ (Sufficient level of creditworthiness of the government) in foreign currency. The rating outlook is stable which means that in the mid-term perspective there is a high probability of maintaining the rating score.

“The confirmation of the ratings of Uzbekistan at BB- with a stable outlook is due to accelerated economic growth, an acceptable level of public debt and deficit, as well as ongoing structural reforms in the economy. The ratings are also supported by the stability of the banking sector, which maintains favorable levels of capitalization and profitability.

However, ratings are limited by rising levels of debt and deficits, high inflation and exchange rate volatility, and increased financial dollarization. Despite significant improvements, per capita welfare, institutional development, large hidden government obligations, and limited monetary and fiscal policies are holding back ratings” – Said Vladimir Gorchakov, Associate Director of RAEX-Europe.

Press release Uzbekistan