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TASHKENT, Uzbekistan, January 16. Fitch Ratings (international rating agency) assessed international indicative rating of Uzbekistan's Thermal Power Plants JSC on January 11, 2024, Trend reports.
According to Thermal Power Plants, Fitch Ratings assessed international indicative rating of JSC at the level of "BB-" "Stable" and recognized it as equal to Uzbekistan's sovereign credit rating.
Indicators of the international rating are updated once a year. Thermal Power Plants JSC was first assigned a credit rating of "BB-" "Stable" in January 2023. Fitch Ratings left this international credit rating unchanged a year later.
Before assigning this level to Thermal Power Plants, the company's activity was analyzed by experts of Fitch Ratings during a year. Not only the state of the financial, economic and business strategy of the joint-stock company was studied, but also the stability of the financial model and corporate governance system, production processes and other areas was deeply analyzed.
Another important aspect - the attractiveness of the investment scale attracted to the company and the potential of its management, the effectiveness of system reforms carried out in order to control the credit load at the proper level, also served to achieve this positive result.
Rating "BB-" means the presence of possible credit risks, but at the same time confirms the company's ability to fulfill its financial obligations to investors and creditors.
This rating also preserves the position of Thermal Power Plants JSC in the global investment markets as an enterprise with a clear and open business strategy, transparent financial position and strong corporate governance system.
Earlier, Fitch Ratings left the rating outlook of Uzbekneftegaz unchanged, only downgrading the creditworthiness from 'b+' to 'b' due to weaker-than-expected profitability, projected slower decline in leverage, prolonged limited liquidity, and a recent breach of an interest coverage covenant for which the company received a non-compliance permit.
