RAEX-Europe rates Uzbekistan as BВ-
RAEX-Europe increased the credit rating of Uzbekistan from “B +” (moderately low level of solvency) to “BB-” (sufficient level) in national and foreign currencies.
According to agency experts, the increase in Uzbekistan’s credit ratings reflects a steady decline in financial dollarization, as well as the country's successful entry into the international capital market through the issuance of the first issue of Eurobonds in February.
“The stable fiscal position of the government, including low government debt and moderate budget deficits, high economic growth, good profitability and capitalization of the banking system remain the strengths of the country's lending position,” said RAEX-Europe.
At the same time, ratings continue to be constrained by high and volatile inflation, low levels of economic and institutional development, high shares of government debt in foreign currency, and low levels of local capital markets.
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