The credit rating of the state enterprise “Navoiyuran” has been raised by one more level

The international rating agency S&P Global Ratings has revised the outlook on the long-term issuer credit rating of the state enterprise “Navoiyuran” from “Stable” to “Positive.”

The BB-/Positive rating assigned by S&P reflects the correctness of the ongoing transformation efforts, the stability of the enterprise’s financial and economic position, its low production costs, the steady growth of uranium output over the years, and the positive cooperation with major global uranium producers.

According to the agency’s expectations, EBITDA is projected to grow significantly by the end of 2025. In addition, stable revenue growth and the attraction of foreign investment through strategic partnerships and joint ventures are anticipated.

S&P Global Ratings notes that even with the additional funds raised through eurobonds and loans, the enterprise’s leverage ratio (debt-to-EBITDA) remains below 1. This indicator has stayed at a low level since 2022, demonstrating that “Navoiyuran” maintains a moderate debt burden.

“The updated outlook confirms that our strategies for production and financial stability are moving in the right direction. For us, this is not only an external evaluation but also evidence that the enterprise is progressing consistently and in a planned manner, taking into account the long-term interests of the state,” said Jamol Fayzullaev, Director General of “Navoiyuran.”

At the same time, S&P indicated the possibility of further upgrading the enterprise’s credit rating next year, provided that profitability levels are maintained, production forecasts are met, and the ratio of operating cash flow (FFO) to debt remains above 60%.

Source https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3490748