Fitch Withdraws “Uzkimyosanoat” Rating

Tashkent, Uzbekistan (UzDaily.com) — Fitch Ratings has withdrawn the long-term Issuer Default Rating (IDR) of the joint-stock company Uzkimyosanoat (UKS) at BB- / Rating Watch Negative (RWN) due to insufficient information.

The IDR had been placed on Rating Watch Negative (RWN) on October 23, 2024, pending the completion of the transfer of 50.59% of shares of the key operational subsidiary, Navoi Azot, back to UKS from the state, as well as clarification of UKS’s strategy regarding Navoi Azot.

According to Fitch, the transfer of Navoi Azot shares back to UKS will no longer take place.

However, the agency lacks information on UKS’s current and planned structure, business profile, financial position, and strategic plans. Consequently, the ratings were withdrawn without retaining the RWN status.

Fitch emphasized that the rating withdrawal is due to the insufficient data available to continue supporting the rating. As a result, the agency will no longer provide a rating or analytical coverage for Uzkimyosanoat.