Fitch Upgrades Uzbekistan's Rating: Reforms in Privatization and State-Owned Enterprises Recognized
2025-06-30 21:40:00 / News

According to the report published by Fitch Ratings on June 26, 2025, Uzbekistan’s sovereign credit rating has been upgraded from “BB-” to “BB” with a stable outlook.
This rating upgrade acknowledges the broad range of economic reforms being implemented in the country, including macroeconomic stability, improved fiscal discipline, reforms in the management of state-owned enterprises, and tangible progress in privatization.
In particular, the Fitch Ratings report highlights the following:
- Reforms in the State Sector
“Reforms to state-owned enterprises (SOEs) have gained momentum, with a further reduction in their number, the transfer of the state's share in 18 SOEs to the National Investment Fund that was set up in August 2024”
- Strengthening Corporate Governance
“Reorganisation and restructuring of some large enterprises last year with the objective of improving independence and governance"
The assessments given by the international “Fitch” clearly demonstrate the growing international confidence in the consistent and effective reforms implemented under the leadership of President of the Republic of Uzbekistan Sh.M. Mirziyoyev in all spheres of the economy, including the effectiveness in the field of privatization and management of state assets.
Background Information:
Between 2021 and 2024, and in the passed period of 2025, a total of 7,781 assets of state and state owned enterprises (including 7,175 real estate properties and 606 shares/equity stakes) were sold for a total of UZS 45.5 trillion. According to the privatization programs approved for 2025 (DP-70 and RP-145), privatization is planned for state shares in 115 enterprises, 659 real estate assets, and the sale of 29 large state-involved enterprises on international markets. Additionally, shares of 12 major companies are scheduled to be offered on capital markets through IPOs and/or SPOs.