The world-rating agency Standard & Poor's (the
"Agency") in its last report maintained Uzbekistan's
sovereign rating at "BB-" level, but improved the
forecast for the country from "negative" to
"stable".
In its previous report issued last June, the forecast was
decreased to "negative". This decision was made due to
the rapid growth of the foreign debt of the country.
In its report for this year, the Agency drew attention to the
following factors in raising the forecast for the country:
Economic growth of 1.6% in 2020.
According to an estimated forecast, in 2021 the economy of
Uzbekistan is projected to grow by 4.8%, the main reason for growth
being the service sector.
Imposition of limits on the State foreign debt.
The Agency positively assessed the adoption of the Law "On
State Budget" which sets the annual limit of foreign debt at
USD5 billion and its maximum limit of 60% of GDP.
