TASHKENT, Uzbekistan, December 15. S&P Global Ratings has affirmed the long-term credit rating of Uzbekistan’s uranium producer Navoiyuran at ‘BB-’ and revised the outlook to positive, Trend reports.
The outlook revision reflects the company’s strong operating performance and strategic partnerships. In 2024, Navoiyuran produced 5,200 tons of uranium, significantly exceeding its target levels, while 99% of its revenue is secured through contracted sales. The company has also obtained nine new mining licenses and doubled its capital investment, strengthening its potential for further production growth and additional long-term contracts.
S&P expects Navoiyuran’s EBITDA to rise sharply in 2025 to between 10 trillion and 11 trillion soums ($834 million–$917 million), driven by higher output and rising uranium spot prices. At the same time, increased costs for materials, logistics, and employee benefits are expected to be partially offset by favorable exchange rate movements and lower fixed costs per unit of production.
The agency notes that Navoiyuran continues to maintain a conservative financial profile, with debt to EBITDA remaining below 1x since its establishment in 2022. The positive outlook indicates the possibility of a rating upgrade within the next 12 months, provided the company sustains stable production and profitability and maintains funds from operations (FFO) to debt above 60%.
At the same time, S&P warned that the rating outlook could be revised to stable in the event of operational disruptions or excessive shareholder payouts. An upgrade would be considered if the company continues to demonstrate steady production growth, strong margins, and moderate leverage.