Why is this important
The increase in the rating confirms the country’s successes in reforms and economic growth, increasing its attractiveness for foreign investment. At the same time, this is a signal to markets about reducing the risk of default and improving external positions.
What happened
- Uzbekistan’s S&P rating has been raised to “BB” with “BB-”.
- The rating forecast has been maintained as “stable”.
- The agency notes that economic growth is about 7.6% in the first three quarters of 2025, with investments accounting for 32% of GDP.
- The country’s international reserves increased to $59 billion due to high gold prices; the share of gold in exports is 40%.
- Among the risk factors are the growth of government spending and external obligations, and project profitability.
Context
Prior to this, in May 2025, S&P shifted the forecast for Uzbekistan to “positive”, leaving the rating at “BB-”.
The “BB” rating still refers to the unfavorable investment grade. However, its growth is a step forward compared to the previous level.
