Uzbekistan Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba3 Positive | BB Stable | BB Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 21, 2025 | S&P | BB- | Stable | BB | Stable | |
| Jun 26, 2025 | Fitch | BB- | Stable | BB | Stable | |
| Jun 13, 2025 | Moody's | Ba3 | Stable | Ba3 | Positive | |
| Aug 26, 2024 | Fitch | BB- | Stable | BB- | Stable | |
| Jan 20, 2023 | Moody's | B1 | Positive | Ba3 | Stable | |
| Jul 02, 2021 | Moody's | B1 | Stable | B1 | Positive | |
| Jun 04, 2021 | S&P | BB- | Negative | BB- | Stable | |
| Jun 05, 2020 | S&P | BB- | Stable | BB- | Negative | |
| Apr 10, 2020 | Fitch | BB- | Stable | BB- | Stable | |
| Feb 13, 2019 | Moody's | NR | B1 | Stable | ||
| Dec 21, 2018 | S&P | NR | BB- | Stable | ||
| Dec 21, 2018 | Fitch | NR | BB- | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Uzbekistan’s current credit rating?
Uzbekistan’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Uzbekistan’s credit risk.
Has Uzbekistan’s credit rating changed recently?
This page lists the latest rating and outlook actions for Uzbekistan, showing when each agency last reviewed or changed its assessment.
Why does Uzbekistan’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Uzbekistan's bond yields, currency, and equity flows as investors reassess risk.
How does Uzbekistan’s rating compare to other countries?
You can explore how Uzbekistan ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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