Tashkent, Uzbekistan (UzDaily.uz) — Fitch Ratings placed the financial strength rating (FSR) of "Uzagrosugurta" Joint-Stock Company (Uzbekistan) at "BB-" on Rating Watch with a "Negative" outlook and then withdrew the rating.
The decision to assign the "Negative" Rating Watch status was due to a decrease in the company’s transparency, leading to uncertainty about its financial condition, as assessed by the agency, and its ability to receive government support.
Fitch was unable to obtain the company’s financial statements in a timely manner, which hindered its ability to conduct an objective creditworthiness analysis.
As a result, the agency decided to withdraw the rating of "Uzagrosugurta" due to insufficient information provided. Fitch has thus ceased rating this issuer and will no longer analyze its operations.
