Fergana Earns Fitch BB- Rating, Courts European Investors

Tashkent, Uzbekistan (UzDaily.com) — Fergana region has secured a BB- credit rating from Fitch Ratings, making it the first region in Uzbekistan to hold two international credit ratings simultaneously and positioning it to engage global capital markets on terms previously unavailable to Uzbek sub-sovereign borrowers.

The rating, announced on the sidelines of the Fifth Tashkent International Investment Forum, reflects what Fitch assessed as the region's strong investment potential, a favorable environment for investors, and financial stability. The agency also highlighted near-zero debt levels and sustained growth in regional budget revenues as key supporting factors — a profile that stands out favorably even by the standards of more established emerging market sub-sovereigns.

A First for Uzbekistan's Regions

The milestone carries institutional significance beyond Fergana itself. No other Uzbek region has previously achieved dual international credit ratings, and the development sets a benchmark that other regions may seek to replicate. For Fergana, the dual-rating status broadens the pool of international financial institutions and institutional investors whose mandates permit engagement with rated sub-sovereign entities.

European and Turkish Capital in the Room

Governor Khayrillo Bozorov wasted little time leveraging the rating's credibility, convening meetings at TIIF with representatives of financial institutions from Sweden, Turkey, and Germany — three markets with active emerging market lending and investment arms. Some participants joined the discussions in an online format. Talks focused on prospects for deepening cooperation and advancing investment initiatives in the region.

The sequencing was deliberate: securing the Fitch rating ahead of the forum gave Fergana a concrete credential to present to sophisticated international counterparties, transforming what might otherwise have been introductory conversations into substantive financing discussions.