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.
Related Articles
MBH Bank Tier 2 bond sale oversubscribed 3.5 times
Hungary’s MBH Bank has completed a successful €200mn Tier 2 bond issuance amid strong investor appetite. The ten-year notes, callable after five years, are priced with a 6.875% coupon following ... more
IMF says Azerbaijan’s banking sector stronger but systemic vulnerabilities persist
The International Monetary Fund (IMF) has concluded that Azerbaijan’s financial system has made considerable progress in strengthening resilience since the 2015 oil price shock and 2020 COVID-19 ... more
Azerbaijan’s banking sector assets reach AZN27.88bn with a 2.55% NPL ratio in March 2025
The Azerbaijani banking sector has demonstrated remarkable resilience and steady growth in recent years, despite global economic challenges, according to the latest central bank ... more
Most Read
-
Armenia courts African countries to supply diamond industry
19 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
3 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
13 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
20 days ago