On June 3, 2026, Fitch Ratings upgraded the outlook on Uzbekistan's sovereign credit rating from «stable» to «positive,» while affirming the country's rating at BB, according to a statement on the agency's official website.
The move continues a consistent upward trend in Uzbekistan's assessments by leading international rating agencies. In June 2025, Fitch had already raised the country's rating from BB– to BB, citing accelerated reform progress and favorable medium-term growth prospects. The revised outlook now signals that the agency does not rule out a further upgrade within the next one to two years.
The change carries tangible economic implications: it lowers Uzbekistan's borrowing costs on international markets and enhances the country's appeal to foreign investors. Among Uzbekistan's key strengths, Fitch has highlighted its low government debt — around 32% of GDP, well below the average of approximately 54% for BB-rated peers.
The BB rating still falls within the so-called speculative category, sitting one notch below investment grade. Nonetheless, the sustained positive trajectory in assessments from Fitch, Moody's, and S&P is cementing Uzbekistan's image as one of the fastest-advancing economies in the region.
