Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan improved its credit risk rating of the Organization for Economic Cooperation and Development (OECD) from group six to group 5, the Uzbek finance ministry said Saturday.

Improvement of Uzbekistan’s position in the classification of the country credit risks significantly reduces the insurance premium for attracted loans under the guarantee of export-credit agencies, the ministry said.

This will also contribute to successful placement of the first international bonds of the Republic of Uzbekistan in global financial markets.

OECD’s updated classification of country credit risks was published on 1 February. Group 5 also includes Kazakhstan, Azerbaijan, Brazil, Turkey, Serbia and Vietnam.

The OECD score is set on a seven-point scale. Group 1 includes the countries with minimal risks, and group 7 includes the countries with the greatest risks.