The upgrading of Uzbekistan's sovereign rating by international rating agencies has reduced the cost of borrowing and cut external debt servicing costs, satted, Deputy chief of Department at the Ministry of Economy and Finance Akmaljon Ganiev at a press meeting.
According to him, the achieved macroeconomic results are reflected in the assessments of international organizations and rating agencies.
"Almost all of Fitch, S&P, and Moody's have upgraded Uzbekistan's sovereign rating by one notch."
He noted that the improved rating assessments had directly impacted the country's operating conditions in international financial markets.
"This indicates an improvement in conditions for us in international financial markets, better borrowing terms and access to international financial resources, as well as a reduction in their cost."
In particular, as a result of the rating upgrade, the interest rate has decreased by 1-1.5 percentage points, which will reduce external debt servicing costs by $250-300 million per year.
Standard & Poor's upgraded Uzbekistan's credit rating from BB- to "BB" for the first time since 2018.
Fitch Ratings upgraded Uzbekistan's credit rating from "BB-" to "BB" for the first time in seven years.
Moody's has maintained Uzbekistan's rating at Ba3, but has improved its outlook from "stable" to "positive."
As of October 1, 2025 Uzbekistan's external debt topped $75.4 billion, an increase of $11.3 billion since the beginning of the year. Corporate debt of private and state-owned companies has exceeded the volume of external government debt.
