Uzbekistan gets first Moody's credit rating
Baku, Azerbaijan, Feb. 13
The international ratings agency Moody’s assigned Uzbekistan a long-term issuer rating of "B1" for the first time on February 13, with a stable outlook, the agency said in a statement, Trend reports.
The agency took into account such factors as the moderate economic and budgetary indicators of Uzbekistan, the very low development of state institutions and the moderate susceptibility to risks when compiling the rating.
The stable outlook reflects Moody’s expectations that Uzbekistan will maintain a balance of risks in the near and medium terms.
Moody’s analysts state that Uzbekistan's reforms program can strengthen its credit profile if they lead to a sustainable growth in productivity and competitiveness, as well as enhance the effectiveness of government and its policies.
On the other hand, the agency believes that the opening of state-owned enterprises and banks for greater competition may adversely affect the country's credit profile in the short and medium terms.
Uzbekistan received the first credit ratings from Standard & Poor’s and Fitch Ratings in December. Both assigned a "BB-" rating with a stable outlook.