S&P leaves Uzbekistan’s credit rating at BB- with negative outlook

According to the report, Moody’s credit rating for Uzbekistan was last set at B1 with a stable outlook. Also, Fitch’s credit rating for Uzbekistan was last reported at BB- with a stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the creditworthiness of Uzbekistan thus having a big impact on the country’s borrowing costs.

The following is the government debt credit rating for Uzbekistan as reported by major credit rating agencies.

S&P may downgrade the ratings if the rapid growth in external debt does not slow down. This can happen, for example, if current investment needs lead to larger budget deficits than expected.

The agency notes that the country’s foreign economic position remains strong enough in comparison with countries that have similar ratings.

The government’s net debt remains low, the agency says.

It also notes that the authorities have made progress in carrying out reforms and fulfilling tasks, but are forced to start development from a low level.