Fitch Ratings has provided JSC Uzkimyosanoat (UKS) with an inaugural ‘BB-‘ Long-Term Issuer Default Rating (IDR) along with a Stable Outlook. This rating is aligned with that of its parent Uzbekistan (BB-/Stable). UKS is a totally state-owned producer of fertilizers and other chemicals, and is closely linked to the government.
Fitch Ratings appraises the decision-making and oversight as ‘Very Strong’ since UKS is totally owned by the state. The government sets the high-level strategies and investments via presidential decrees. The board of directors is composed of Uzbek government ministers.
Agreements were signed between Uzkimyosanoat JSC and Fitch Ratings, a leading international rating agency specialized in evaluating independent and promising loans on global credit markets.
Nasiba Ziyodullayeva, UzA