BAKU, Azerbaijan, August 10. Uzbekistan's Tashkent Republican Stock Exchange and international credit rating agency Fitch Ratings have discussed expanding cooperation on international credit ratings for Uzbek issuers, as the country's capital market seeks to strengthen transparency and attract more investors.
This was reflected in the statement by the Tashkent Republican Stock Exchange following an online meeting focused on the potential assignment of international credit ratings to securities issued by Uzbek companies and financial institutions.
Particular attention was given to the assessment of corporate, foreign-currency and mortgage bonds, according to the Tashkent Republican Stock Exchange.
The participants also discussed the role of international credit ratings in improving the transparency of issuers, providing investors with additional information and expanding the use of internationally recognized ratings in Uzbekistan's domestic capital market.
"The parties expressed interest in continuing cooperation and dialogue in this area," the exchange said.
International credit ratings could help Uzbek issuers improve access to domestic and international capital by providing investors with an independent assessment of their creditworthiness and financial risks. Wider use of such ratings could also support the development of Uzbekistan's bond market as the country works to diversify sources of corporate and investment financing.
The discussions with Fitch come as Uzbekistan continues efforts to develop its capital markets and increase the role of market-based financing in the economy. Greater participation by international rating agencies could contribute to aligning local capital-market practices more closely with global standards.
Fitch Ratings is one of the world's major credit rating agencies, providing credit ratings, research and analytical services to investors and financial institutions across international markets.
The Tashkent Republican Stock Exchange and Fitch Ratings agreed to continue discussions on potential cooperation and the application of international ratings in Uzbekistan's capital market.
