Fitch Ratings has assigned JSC Uzkimyosanoat (UKS) a first-time 'BB-' Long-Term Issuer Default Rating (IDR) with Stable Outlook.

The rating is equalized to that of its parent Uzbekistan (BB-/Stable). UKS is a fully state-owned fertilizer and other chemicals producer with strong links with the government.

Fitch Ratings assesses decision-making and oversight factors as 'Very Strong' as UKS is fully state-owned. The government sets high-level strategies and investments in the form of presidential decrees. The board of directors comprises Uzbek government ministers.

Agreements were signed on long-term cooperation between Uzkimyosanoat JSC and the Fitch Ratings, one of the largest international rating agencies specializing in assessing independent and promising loans on global credit markets.

Nasiba Ziyodullayeva, UzA