The sovereign upgrade reflected stronger reform momentum, fiscal discipline and resilient medium-term growth. Uzbekistan remained below investment grade, but the move reduced perceived sovereign risk.
Fitch raised Uzbekistan’s long-term sovereign rating from BB− to BB with a Stable Outlook, citing stronger structural reforms, improved fiscal performance and the country’s medium-term growth prospects.
At the time, Fitch expected real GDP growth of 6.3% in both 2025 and 2026 and a consolidated budget deficit of around 3% of GDP. The upgrade reduced perceived sovereign risk, while the rating remained below investment grade.
In June 2026, Fitch subsequently affirmed the BB rating and revised the Outlook to Positive, reflecting further progress in reforms and macroeconomic stability.
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