TASHKENT, May 8. /Dunyo IA/.   Yesterday, the international rating agency "Fitch Ratings" officially announced that the Fergana region's long-term foreign and local currency credit rating is at the “BB-” level, with a “Stable” outlook, reports Dunyo IA correspondent.

“Fitch Ratings” is an American-British rating agency and a member of the so-called “Big Three”, considered the most influential in international financial markets, controlling the major part of the global rating market.

Earlier, in November 2025, the international rating agency "S&P Global Ratings" upgraded the Fergana region's credit rating from “B+” to “BB-”. Consequently, the Fergana region has currently become the only region in Uzbekistan to hold two prestigious international credit ratings.

These decisions by international rating agencies reflect the strengthening of the region's financial stability, including the steady improvement of its macroeconomic indicators.

According to the agency's conclusion, the Fergana region's debt load management indicators are expected to remain at a stable level. In particular, the region's debt coverage ratio is projected to stay within a safe range until 2030. It was also noted that the region's fiscal debt burden will remain relatively low, while its debt servicing capacity will be maintained at an adequate level.

At the same time, the Fergana region received the same “BB-/Stable” rating from Fitch Ratings as Uzbekistan's capital, Tashkent, Armenia's capital, Yerevan, and the Turkish city of Konya. It is also noteworthy that its rating is one notch higher than that of the Turkish city of Balıkesir (“B+/Stable”).

“Fitch Ratings” paid special attention to the economic potential of the Fergana region, emphasizing that it is one of the largest and most economically active regions of the country. Today, the Fergana region accounts for nearly 11% of Uzbekistan's population and holds leading positions in agriculture, industrial production, and light industry.

This international credit rating will increase the investment attractiveness of the Fergana region, strengthen the confidence of foreign investors, and create new opportunities for financing major infrastructure and social projects in the future. At the same time, this assessment is a clear reflection of the recognition by international financial institutions of the effectiveness of economic reforms, budget management and financial discipline being implemented in the region.

Despite external macroeconomic shifts, the region continues its consistent development by expanding investment activity and increasing export potential while maintaining stable economic growth rates.

According to experts, “BB-/Stable” rating assigned to the Fergana region signifies that its medium-term financial stability will be preserved and serves as a significant step in strengthening the region's prestige in international financial markets.

According to Ekaterina Kovrigina, Manager at “Finvizier Consultancies” and consultant on ratings for the Fergana region, as a specialist who has been monitoring the region's rating process since 2022, Fergana has demonstrated significant improvements in the quality of financial management, investment activity, and macroeconomic indicators in recent years.

“The assignment of the “Fitch Ratings” score and the upgrade by “S&P Global Ratings” reflect the structural changes implemented in the region and demonstrate their recognition on an international level”, - said Ekaterina Kovrigina.