Fitch Ratings on February 23 affirmed Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-‘ with a Stable Outlook. The rating firm said: “Uzbekistan’s ratings balance robust external and fiscal buffers, low government debt and a record of high growth relative to ‘BB’ rated peers, against high commodity dependence and structural weaknesses in terms of low GDP per capita, an uncompetitive and large, albeit reducing, state presence in the economy, and weak but improving governance levels.” Looking at progress with reforms, it added: “Uzbekistan’s government is progressing w…
