“Uzbekgidroenergo”: Fitch Ratings Confirms Company’s “BB” Rating with Stable Outlook

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s leading energy company, joint-stock company “Uzbekgidroenergo,” has once again received confirmation of its international credit rating at “BB” with a stable outlook from Fitch Ratings.

This assessment reflects not only the company’s financial stability but also the strengthening of the entire country’s hydropower sector, which is becoming a key component of Uzbekistan’s green economy.

According to Fitch Ratings, “Uzbekgidroenergo” has achieved significant progress in recent years in financial performance, risk management, and corporate governance efficiency. The company’s independent creditworthiness signals a favorable environment for long-term investment.

The company manages a substantial project portfolio financed through its own funds and direct loans without state guarantees, demonstrating the maturity and autonomy of its financial policy. Fitch notes that “Uzbekgidroenergo” follows a balanced, long-term financial management strategy, maintaining an FFO leverage ratio of 2–3x, consistent with sustainable international standards.

Under its Development Strategy through 2030, the company implements an annual investment program of approximately 3.6 trillion soms, aimed at modernizing existing hydropower plants, constructing new capacities, and increasing the share of renewable energy in the national energy balance.

Experts consider the confirmation of the “BB” rating with a stable outlook not only as an evaluation of effective management but also as international recognition of Uzbekistan’s energy reforms focused on sustainable development, environmental protection, and the implementation of ESG principles.

“Maintaining a stable Fitch rating is not just a result, but a solid foundation for achieving new goals. We will continue to strengthen the country’s energy independence and develop hydropower in accordance with international standards,” emphasized the company’s leadership.