Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of JSC Almalyk Mining and Metallurgical Complex (Almalyk) to 'BB' from 'BB-' with a Stable Outlook.

The decision followed Fitch’s upgrade of Uzbekistan’s sovereign rating. The plant was evaluated based on the agency’s criteria for government-related entities (GRE), with high marks given for its economic importance, level of state involvement, and financial discipline.

The AMMC ensures the full cycle of copper production in the country, holds leading positions in export volumes and tax contributions, and is implementing the large-scale “Yoshlik” project.

This rating contributes to strengthening investor confidence in the plant on international financial markets.

UzA