Fitch Ratings Upgrades the International Ratings of AMMC and NMMC to 'BB'
2025-07-14 18:00:00 / News
Last week, the international rating agency Fitch Ratings upgraded the long-term international ratings of the Almalyk Mining and Metallurgical Complex and the Navoi Mining and Metallurgical Company from 'BB-' to 'BB'. The outlook on the ratings is stable.
The decision followed the upgrade of Uzbekistan’s sovereign rating. The evaluation of the companies was carried out according to Fitch’s criteria for government-related entities (GRE) and reflects their economic importance, close relationship with the state, and strong financial discipline.
AMMC is the sole producer of copper in the country, ranks among the top in terms of exports and tax contributions, and is implementing the large-scale “Yoshlik” project. NMMC accounts for the majority of Uzbekistan’s gold production and plays a significant role in the national economy.
The upgraded ratings are expected to further enhance investor confidence in these enterprises on the international financial markets.