Tashkent, Uzbekistan (UzDaily.com) —  International rating agency Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of four Uzbek companies operating in the natural resources sector from 'BB-' to 'BB'. The outlook for all ratings is “Stable.”

This rating upgrade follows the recent sovereign credit rating upgrade of Uzbekistan, issued on 26 June 2025.

The companies whose ratings were reviewed include Almalyk Mining and Metallurgical Complex JSC (AGMK), Navoi Mining and Metallurgical Company JSC (NGMK), the state enterprise Navoiyuran, and Uzbekneftegaz JSC (UNG).

In addition, Fitch assigned a new BB rating (with a Recovery Rating of RR4) to the senior unsecured notes issued by Navoiyuran in June 2025, totaling US$300 million.

Almalyk Mining and Metallurgical Complex JSC

The company's “support propensity” score was assessed as “strong,” based on its 98% state ownership and significant government backing. The “support track record” was also rated as “strong” due to the company's role as the only copper producer in the country, its status as the second-largest taxpayer and exporter, and its involvement in the large-scale Yoshlik project, which is financed by a foreign lending syndicate. The Standalone Credit Profile (SCP) was evaluated at b+, while the final rating was aligned with the sovereign rating, with a GRE support score of 30 out of 60.

State Enterprise Navoiyuran

Navoiyuran received a “strong” score for support responsibility due to its full state ownership and tight government oversight. Since its spin-off in 2022, the company has not required direct state aid, although peer companies have. Its role in implementing national policy, including participation in the nuclear production cycle, was also rated “strong.” In 2024, it became the country’s third-largest taxpayer.

Following its US$300 million Eurobond issuance in June 2025, Fitch upgraded its “contagion risk” rating to “strong,” which resulted in an increase in its GRE support score from 20 to 30 out of 60. The SCP was assessed at bb-, and the final rating matched the sovereign.

Navoi Mining and Metallurgical Company JSC

The company’s governance and oversight were assessed as “strong,” with 100% state ownership. Historical support was also rated “strong,” as 19% of its debt obligations as of the end of 2024 were backed by government entities, although no new capital injections have been made. NGMK produces over 80% of Uzbekistan’s gold, is the country’s largest taxpayer, and a major employer. Given its external borrowing volume, it is regarded as a benchmark borrower for the government. Its contagion risk is also rated “strong.” The SCP is bb+, GRE support score is 30 out of 60, and the final rating is capped at the sovereign level.

Uzbekneftegaz JSC

UNG received a “very strong” score for governance and oversight due to its full state ownership, regulated gas prices, and centralized supervision. Historical support is also “very strong,” including state guarantees on debt, tax benefits, and reduced dividend requirements. The “support propensity” was rated “strong,” reflecting the company's critical role in energy supply and systemic importance. Its SCP is b, with a GRE support score of 40 out of 60. As with the other companies, its rating is equal to that of the sovereign.

Fitch’s rating upgrades reflect the agency’s increased confidence in the Uzbek government’s capacity and willingness to support its strategic enterprises, as well as the country’s improving macroeconomic and financial outlook.