RAEX-Europe raised credit rating of Uzbekistan to “BB-”

The RAEX-Europe rating agency raised the credit rating of the government of Uzbekistan to “BВ-” (sufficient level of government solvency) in national and foreign currency, before that it was “B +” (moderately low level of solvency).

The rating outlook is rated as stable, which means in the medium term a high probability of maintaining the rating:

According to the message “the upgrade of Uzbekistan’s credit ratings reflects the sustained reduction of the financial dollarization as well as the successful entry to the international capital market by issuing the first emission of Eurobonds in February 2019. The solid fiscal stance, including low government debt and narrow budget deficit, robust economic growth, profitable and wellcapitalized banking system remain the credit strength of the country”.

Full RAEX-Europe reports can be found at the following links: Press_release_Uzbekistan_08.03.2019  and Research_report_Uzbekistan_08.03.2019