Fitch Revises Uzbekistan Airports Outlook to Positive

Tashkent, Uzbekistan (UzDaily.uz) — Fitch Ratings has revised the outlook on Uzbekistan Airports' Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at 'BB'.

The agency said the outlook revision followed a similar change to Uzbekistan's sovereign rating outlook. Uzbekistan Airports' rating is aligned with the sovereign rating because the company is wholly owned by the state and is assessed under Fitch's Government-Related Entities methodology.

Fitch affirmed the company's Standalone Credit Profile (SCP) at 'bb'. According to the agency, the assessment reflects Uzbekistan Airports' monopoly position in the domestic market, low leverage and revenue linked to public-private partnership projects. At the same time, the standalone assessment is constrained by Uzbekistan's sovereign rating because of the company's close ties to the country's economy and banking system.

Fitch said the Ministry of Economy and Finance owns 100% of Uzbekistan Airports and retains a key role in strategic decision-making, financial management and the approval of aviation tariffs. The company operates all airports in the country and received 513.5 billion soums from the state budget between 2022 and 2024 to finance capital projects.

According to the agency, Uzbekistan Airports holds a monopoly in the country's airport services market but operates exclusively in the domestic market, limiting business diversification. Aviation services account for the majority of revenue, while non-aviation income represents less than 7%.

Uzbekistan Airways remained the company's largest customer in 2025, accounting for about 10% of revenue. Turkish Airlines contributed 7% and Maersk Air 6%.

Fitch also noted that a significant share of the company's revenue depends on commercial contracts, while tariffs for domestic airlines are set by the Ministry of Economy and Finance, which may limit revenue predictability and growth.

Uzbekistan Airports is continuing its investment programme to modernize and expand Tashkent International Airport and is considering attracting private investors through public-private partnership mechanisms for the development of the airports in Bukhara, Namangan and Urgench. Fitch said these projects are expected to support passenger traffic growth and increase commercial revenue.

As of the end of 2025, the company held 393 billion soums in cash. It also had undrawn long-term credit facilities of US$23 million and €25.9 million to finance future investment projects.

Fitch said Uzbekistan Airports' rating could be upgraded if Uzbekistan's sovereign rating is raised while the company maintains a resilient standalone credit profile. Conversely, a downgrade of the sovereign rating could lead to a lower rating for the airport operator.