Fitch Bumps Uzbekistan’s Almalyk Mining and Metallurgical Complex’s Rating to ‘BB’ with Stable Outlook

Fitch Ratings has raised the Long-Term Issuer Default Rating (IDR) of JSC Almalyk Mining and Metallurgical Complex (AMMC) from ‘BB-’ to ‘BB’, assigning a Stable Outlook, in a move that underscores the company's growing resilience and strategic role within Uzbekistan’s economy.

The decision follows Fitch’s upgrade of Uzbekistan’s sovereign credit rating, reflecting the country’s strengthened macroeconomic fundamentals and institutional progress, The Caspian Post reports via Kazakh media.

AMMC was evaluated under Fitch’s methodology for government-related entities (GREs), receiving strong marks for its economic significance, the extent of government support, and its record of sound financial management.

As the backbone of the national copper industry, AMMC oversees the full production cycle, from ore extraction to final product. The enterprise ranks among the country’s top exporters and taxpayers, and is actively expanding its operations through the large-scale “Yoshlik” development project, which aims to significantly increase copper output in the coming years.

Fitch noted that the upgrade is expected to enhance AMMC’s investment profile and improve its access to global capital markets, further reinforcing its ability to implement strategic growth plans.