Fergana Region Upgraded to ‘BB-’ on Steady Growth and Minimal Debt
2025-11-29 12:30:00 / News
Uzbekistan’s favorable investment climate—together with extensive incentives and guarantees for foreign investors—is delivering tangible results in Fergana. As a result of ongoing reforms, the region has further enhanced its investment appeal.
On 28 November 2025, S&P Global Ratings (USA) released its assessment, noting Fergana’s strong financial metrics and robust economic potential as key factors behind the upgrade from ‘B+’ to ‘BB-’.
The new report highlights solid budget revenue growth and the absence of commercial debt—debt levels are effectively zero—which supports resilient liquidity. The region’s actively utilized foreign investment inflows and fast-growing external trade also contributed to the positive outcome. Notably, the volume of foreign direct investment is rising year over year.
Achieving a ‘BB-’ rating will help attract more investors and financial institutions and accelerate the flow of new capital. Transparent data on the region’s macroeconomic policies and performance—made available through S&P’s ratings and indices—facilitates investor decision-making and opens the door to large-scale investment projects.
Background: S&P first assigned Fergana Region a ‘B+’ long-term rating with a Stable outlook on 3 June 2022.