News
Fitch affirms Uzbekneftegaz JSC rating at `BB-`, outlook stable
In their report, Fitch analysts highlight several key factors that influenced the rating:
Strategic role in the economy: JSC Uzbekneftegaz plays a critical role in ensuring the country's energy supply, remaining the largest supplier of natural gas for the energy sector, heating and motor fuel. The company is also one of the largest employers in Uzbekistan. These factors make it a strategically important player supporting economic stability and growth.
Governance: Fitch assesses the degree of state control over the company as "very strong". Full state ownership and control provide stability and confidence in the operational efficiency of Uzbekneftegaz, confirming the importance of state support for its sustainability and development.
Gas Price Liberalization: The process of natural gas price liberalization in Uzbekistan is expected to have a positive impact on the company's profitability, which will help strengthen its financial resilience in the future.
GTL Plant Development: Uzbekneftegaz plans to reach the full processing capacity of its GTL plant of 3.6 bcm. This will improve the company's operating efficiency and significantly enhance its financial results.
Fitch emphasizes that continued strong government support and the process of gas price liberalization could have a positive impact on Uzbekneftegaz's credit profile, further strengthening its financial resilience and long-term development.
