“Navoiuran” state enterprise receives another top international credit rating in the republic

In accordance with Presidential Decree No. PQ-319 dated July 14, 2022, the “Navoiuran” State Enterprise continues its transformation efforts to position itself as a modern, stable company on global financial markets and enhance its long-term investment appeal.

In 2024, Fitch Ratings affirmed the company’s progress by assigning “Navoiuran” a Long-Term Issuer Default Rating (IDR) of BB- and a Stand-Alone Credit Profile (SACP) of BB-, recognizing the enterprise’s strengthened production efficiency and cost control measures.

For reference, in November 2024, Standard & Poor’s Global Ratings also assigned “Navoiuran” SE a Long-Term Issuer Default Rating of BB- and a Stand-Alone Credit Profile of BB-. With these ratings, “Navoiuran” now holds the second-highest credit rating among Uzbekistan’s major state-owned industrial enterprises.

Fitch Ratings, a key assessment source for global investors, noted in its report that “Navoiuran” has improved the effectiveness of its geological exploration activities, expanded its mineral raw material base and maintained production costs among the lowest compared to leading international uranium producers. The agency also highlighted that the company’s transformation processes are ongoing and consistent.

It is also noteworthy that, according to the conclusion of the UK-based SRK Consulting, the uranium reserves at deposits managed by the enterprise amount to 115.6 thousand tonnes, in accordance with Australia’s JORC standards (compared to 71 thousand tonnes last year). Further demonstrating its financial integrity, the company’s 2024 financial statements once again received a “positive” audit opinion from Deloitte, a member of the international “Big Four” auditing firms. Similar opinions were issued for the 2022 and 2023 financial statements as well.