Fitch Revises Outlooks for Two Uzbek State Companies to Positive

Tashkent, Uzbekistan (UzDaily.com) — International rating agency Fitch Ratings has revised the outlooks for two Uzbek companies in the natural resources sector from stable to positive, while simultaneously affirming their long-term issuer default ratings.

The rating actions affect joint-stock company Navoi Mining and Metallurgical Company (NMMC), with its rating affirmed at 'BB', and joint-stock company Navoiyazot, with its rating affirmed at 'BB-'. The revision of the outlooks follows a similar change to the sovereign outlook of Uzbekistan, which was improved from stable to positive on 3 June 2026.

Fitch notes that the ratings of the companies are closely linked to the sovereign rating level of Uzbekistan due to their state status and significance to the country's economy. This reflects the criteria applied by the agency regarding state-owned enterprises and links with the state.

The standalone credit profile of NMMC is assessed at 'bb+', but its final rating is constrained by the sovereign level of the country. The agency points to a high degree of state participation in the company's management, control over its financial flows through taxes and dividends, and the strategic role of the enterprise as the largest gold producer and one of the key taxpayers.

According to Fitch's assessment, NMMC plays an important role in state economic policy, providing more than 80% of gold production in Uzbekistan. At the same time, support from the state is assessed as stable, given control through the Ministry of Economy and Finance and a proven history of interaction with state structures.

As for Navoiyazot, its standalone credit profile is assessed at 'b-', and its rating is set one notch below the sovereign level of Uzbekistan. The company is fully owned by the state and holds strategic importance for the agro-industrial and industrial sectors, including the production of fertilizers and chemical products.

Fitch notes that state support for Navoiyazot is assessed as extremely high, given its role in providing agriculture and industry with raw materials, as well as a significant level of control by the state, including investment policy and financial management.

The agency also points to risk factors, including the dependence of the ratings on the sovereign assessment of Uzbekistan, the debt load and liquidity indicators of the companies, and potential changes in the level of state support.

The upward revision of the outlooks reflects the improvement in the sovereign credit profile of Uzbekistan and strengthens expectations of stability for the country's major state-owned enterprises.