S&P upgrades Navoiyuran credit rating to BB

Tashkent, Uzbekistan (UzDaily.uz) — International rating agency S&P Global Ratings has upgraded the long-term credit rating of the state enterprise Navoiyuran from "BB-" to "BB" with a stable outlook, the company's press service announced on 10 July 2026.

The rating upgrade reflects the consistent improvement in the enterprise's operational and financial performance. In 2024 and 2025, Navoiyuran increased its uranium production by 30% to 35% annually, establishing a sustainable operational track record and firmly securing its position among the world's top five largest uranium producers.

The stable outlook is based on the agency's expectations that the company will maintain a steady level of production and profitability, continue to adhere to a conservative debt policy, and maintain sufficient liquidity.

Navoiyuran ranks among the largest uranium mining companies globally and leads in terms of the production cost efficiency of natural uranium. Located in the Navoi region, the enterprise ranks fifth in the world in uranium production and manages 43 deposits. The company's resource base stands at 115,000 tons of uranium, which includes 63,000 tons of reserves confirmed under the JORC standard by the end of 2025.