Fitch Ratings has updated the international credit rating of the State Enterprise Navoiyuran.

On June 26 of this year, the international rating agency Fitch Ratings upgraded the Republic of Uzbekistan’s long-term sovereign credit rating in foreign currency from “BB-” to “BB”. The outlook  is “Stable.”

The rating upgrade reflects the positive assessment of the large-scale economic reforms being implemented in our country — including efforts to ensure macroeconomic stability and improve the efficiency of state-owned enterprise management.

In light of these economic developments, at the end of June this year, the State Enterprise “Navoiyuran” Navoiyuran SE successfully issued USD 300 million in Eurobonds on the international financial market. The issuance received strong interest from international investors and marked an important step in the enterprise’s integration into global capital markets.

On July 10, Fitch Ratings raised the support score of “Navoiyuran” SE as a Government-Related Entity (GRE) from 20 to 30 points, assigning it the “Strong” category. These ratings confirm that “Navoiyuran” SE has established effective cooperation with international financial institutions, demonstrates financial discipline, and maintains strategic objectives aimed at long-term and sustainable development