BAKU, Azerbaijan, Oct. 26
By Klavdiya Romakayeva - Trend:
Uzbekhydroenergo JSC state hydropower producer and developer has announced that it has successfully secured an international credit rating from Fitch Ratings, Trend reports referring to the press service of Uzbekhydroenergo.
Fitch has assigned Uzbekhydroenergo a long-term foreign currency issuer default rating’ of 'B+' with a stable outlook.
It is Uzbekhydroenergo’s inaugural, international credit rating and the company is among the first state enterprises in Uzbekistan to be awarded one.
Uzbekhydroenergo has previously announced its intention to list Eurobonds on the London Stock Exchange in the near future, and this rating is a major milestone in that process.
The new rating will also support Uzbekhydroenergo’s long-term sustainability and help attract foreign direct investment without government guarantees for the company’s investment projects.
“This rating sends a clear signal to international investors that we are open for business, committed to transparent financial reporting and also strong corporate governance. We will also work to improve our rating further,” said Chairman of the Board of Uzbekhydroenergo JSC Abdugani Sanginov.
The work with Fitch is part of an overall roadmap for Uzbekhydroenergo including:
- transition to financial statements based on IFRS (International Financial Reporting Standards), for the company or its subsidiaries;
- valuation of the company’s properties and enterprises by Grant Thornton;
- audit of the company or its subsidiaries’ financial statements by PwC Big Four global accountancy firm.
The transition to IFRS (International Financial Reporting Standards) will enable timely implementation of investment projects to construct new hydropower plants, and modernize existing ones, as part of the ‘Project Factory’ initiative.
This initiative incorporates over 22 investment projects and projected capacity of 885.6 MW, worth $1.4 billion, and is already underway.
By the end of 2020, Uzbekhydroenergo plans to commission six projects with additional capacity of 118.3 MW.
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