Moody’s raised Uzbekistan’s sovereign credit rating from Ba3 with a positive outlook to Ba2 with a stable outlook. The upgrade reflects stronger institutions, fiscal discipline and greater resilience to external shocks.
On 25 June, Moody’s upgraded Uzbekistan’s sovereign credit rating by one notch, from Ba3 with a positive outlook to Ba2 with a stable outlook. The Ministry of Economy and Finance said the assessment recognized improvements in economic policy, institutional capacity and the country’s ability to absorb external shocks.
The supporting factors included diversified growth, stronger budget discipline and improved management of contingent liabilities. Uzbekistan’s budget deficit narrowed to 2% in 2025, economic growth reached 7.7%, and international reserves were reported to cover more than 17 months of imports.
A stronger sovereign rating can support the country’s access to international capital and serve as a more favorable reference point for banks and corporate issuers, although financing terms will continue to depend on market conditions and issuer-specific risks.
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