October 2026 brought Uzbekistan's credit story back into sharp focus in Tashkent — and Finasia Capital was part of the conversation.
Moody's Uzbekistan and CIS Summit
On 8 October, Moody's Ratings gathered senior market participants at the InterContinental Tashkent for its flagship regional forum, the Moody's Uzbekistan and CIS Summit. The half-day programme, delivered in Russian, Uzbek and English with simultaneous interpretation, was built around a clear premise: Uzbekistan's credit story is turning a corner. Sovereign ratings are moving in a positive direction, regional coordination is deepening, and investors are starting to take notice. Finasia Capital was represented by Nadir Nuritdinov ACA, Senior Director.
Sovereign Momentum and Regional Integration
The backdrop was Moody's recent upgrade of Uzbekistan to Ba2 with a stable outlook. An opening session on Central Asia and the Caucasus (CAC) examined the defining credit themes of 2026, how durable the region's positive rating momentum is, and how deepening regional integration is reshaping growth and investment prospects. A keynote interview, "Uzbekistan's next chapter: from reform to transformation," then turned to the drivers of the country's resilient, increasingly diversified growth, the role of reforms and privatization in strengthening institutions, and the influence of geopolitics on its credit profile.
The message for corporates was equally clear. Speakers from Moody's Ratings and J.P. Morgan highlighted that sovereign credit quality shapes corporate ratings across the region, with stable outlooks largely in line with sovereign outlooks and fundamentals that compare well with other emerging markets. As Uzbekistan's economic transformation opens new opportunities and domestic companies look to international markets, governance and liquidity management remain key considerations.
Banking, Insurance and Sustainable Finance
The programme also looked closely at the financial sector. One session examined what drove the recent upgrades of Uzbek banks, how durable they are, and how regulation, transparency and corporate governance are reshaping the sector. Another focused on Uzbekistan's insurance market — its reform, growth and stronger credit prospects, alongside the structural constraints that still limit insurers' ratings. The day closed with a look at sustainable and transition finance, including trends in the labeled debt market and the alternative funding that could shape Uzbekistan's next chapter.
Finasia Capital's Role in the Market
For Finasia Capital, these are not abstract themes. Over recent years, we have advised Uzbek banks and corporates on their ratings with Moody's, S&P Global and Fitch, including JSC AloqaBank, State Enterprise Navoiyuran, Uzbekneftegaz JSC, Agrobank and, most recently, JSC National Electric Grid of Uzbekistan.
Today, Finasia Capital is the only rating advisor in Uzbekistan with a close working relationship with all three international rating agencies. This allows us to guide issuers through the rating process with a clear understanding of each agency's approach — a real advantage at a time when more of the region's issuers are preparing to access international markets.
It was a pleasure to meet so many of our clients, partners and investors at the summit. We look forward to continued engagement as the region's credit and capital markets ecosystem develops and matures.
