Fitch affirms Uzbekistan's mining giant AMMC at 'BB-'

By Muzaffar Ismailov in Tashkent May 30, 2023

Fitch Ratings has affirmed Uzbekistan’s mining giant Almalyk Mining and Metallurgical Complex's (AMMC's, or Almalyk's) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

The rating was equalised with that of the company's sole parent, Uzbekistan (BB-/Stable), due to strong ties between the company and the state under Fitch's Government-Related Entities (GRE) Rating Criteria.

“We assess Almalyk's Standalone Credit Profile (SCP) at 'b+', reflecting its current reliance on a single mine Kalmakir until a new greenfield copper-gold Yoshlik project is commissioned, high execution and financial risks linked to the development of the project, and concentration of operations in one country with a weak operating and less favourable mining environment,” the ratings agency said.

AMMC is one of the major employers in, and the second-largest tax contributor to, the country at around 9% of the state's total budget in 2022.

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