S&P changes Uzbekistan view to negative

S&P said it changed the outlook for Uzbekistan to negative from stable and affirmed BB-/B foreign- and local-currency sovereign credit ratings.

“The negative outlook reflects our view that Uzbekistan’s external and fiscal debt could continue to increase rapidly over at least the next 12 months, potentially faster, for instance, because of Covid-19-related spending, while benefits of government investment related to increased borrowing will only become apparent over the medium term,” S&P said in a press release.

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