The key facts

  • Fitch Ratings has for the first time assigned Karakalpakstan long-term ratings of 'BB-' in foreign and national currency with a 'Stable' outlook
  • The region's financial profile was assessed at the level of 'aa'
  • In the first half of 2026, Karakalpakstan's economy grew by 10.2% — the second-highest in the country after Tashkent

The region's first international rating

The Republic of Karakalpakstan has for the first time received long-term credit ratings in foreign and national currency from the international agency Fitch Ratings — at the level of 'BB-' with a 'Stable' outlook. The agency assessed the region's financial profile at the level of 'aa', and in its analytical report it named Karakalpakstan one of the dynamically developing regions of Uzbekistan.

What lies behind the assessment

The 'Stable' outlook means that the agency expects the region's current economic and financial indicators to remain resilient in the near term. The rating itself serves as a benchmark for international investors and financial institutions, reflecting the economic condition and financial discipline of the region.

Rapid growth as context

The assessment came against the backdrop of notable economic results: in the first half of 2026, Karakalpakstan's economy grew by 10.2%, the second-highest figure in the country after Tashkent. According to the report, the international assessment could become a basis for improving the investment climate, expanding access to financial resources, implementing new projects, and creating jobs.