Rising Sovereign Rating Opens Cheaper Borrowing Opportunities for Uzbekistan Abroad

Tashkent, Uzbekistan (UzDaily.com) — The recent upgrades to Uzbekistan’s sovereign credit rating by international agencies have lowered the cost of attracting external financing and reduced the country’s debt-servicing expenses, Deputy Head of the Ministry of Economy and Finance’s Department, Akmaljon Ganiyev, told journalists on 30 January.

According to Ganiyev, the country’s macroeconomic achievements were reflected in the assessments of international organizations and rating agencies such as Fitch, S&P, and Moody’s. “Nearly all three agencies raised Uzbekistan’s rating by one notch,” he noted.

Gazeta.uz reports that the improved ratings have directly impacted the country’s access to international financial markets: borrowing opportunities have expanded, and the cost of external financial resources has decreased.

Specifically, interest rates on funds raised abroad have fallen by 1–1.5 percentage points, which is expected to save $250–300 million annually in debt servicing.

S&P upgraded Uzbekistan’s rating from BB- to BB for the first time since 2018. Fitch Ratings raised the rating from BB- to BB, marking an improvement for the first time in seven years. Moody’s maintained the Ba3 rating but revised the outlook from “stable” to “positive.”

As of 1 October 2025, the country’s external debt stood at US$75.4 billion, up US$11.3 billion from the previous year, with corporate debt of private and state-owned companies exceeding the volume of the sovereign external debt.