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Uzbekistan works with Fitch, Moody’s, S&P to get rating by year-end

Business Materials 30 November 2018 10:00

Baku, Azerbaijan, Nov. 30

By Fikret Dolukhanov – Trend:

Uzbekistan intends to receive a sovereign credit rating by the end of 2018, and to issue bonds in the foreign market in the 1Q2019, Uzbek media reported citing Deputy Prime Minister, Finance Minister Jamshid Kuchkarov.

The minister said that the government is currently working with three rating agencies – Fitch, Moody’s, Standard & Poor’s.

“Of course, they do not say from beforehand what rating they will issue. We have objective disadvantages, but we also have objective advantages,” he noted.

Among the disadvantages, the deputy prime minister noted the low GDP volume of Uzbekistan per capita, as well as the low positions of the country in a number of ratings or their absence. Among the advantages, he noted the low external debt, up to 24 percent to GDP, significant foreign exchange reserves, as well as a strong political will to reform.

“They are looking at us very positively, they note sharp changes in the economy, openness of the dialogue,” Kuchkarov said.

Kuchkarov did not reveal the planned volumes of the issue of bonds, “so that the market would not begin to make premature conclusions”.

“The volume should not be small so that they bonds could circulate in the secondary market, at the same time, it should not be too large so that the price would be acceptable,” the deputy prime minister added.

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