Uzbekgidroenergo’s international credit rating improves
19/10/2021 15:10
Uzbekgidroenergo’s international credit rating improves
19/10/2021 15:10
Tashkent, Uzbekistan (UzDaily.com) - Uzbekhydroenergo, supervised by the Ministry of Energy of Uzbekistan, received an international credit rating "BB-" (stable) from the rating agency Fitch Ratings, which is one of the top-three leading world rating agencies.
For the first time, Uzbekgidroenergo received a rating of "B+" (stable) in 2020, today this rating has been updated and raised to "BB-" (stable). The rating obtained in 2021 is an assessment of the financial performance of the Joint Stock Company for 2020.
Fitch Ratings analyzes the financial and economic activities of the company, as well as the corporate management system, business strategy, office work of internal regulatory documents and other areas. Note that Uzbekgidroenergo was the first to receive the “BB-” (stable) rating among the country’s producers.
The growth of the international credit rating from “B +” (stable) to “BB-” (stable) is the result of optimizing the costs of implementing investment projects, which in turn will have a positive effect on reducing interest rates on loans from financial institutions.
Based on the results of activities in 2020, within the framework of the adopted planned activities, 6 investment projects were implemented and 3 more projects are rolling over to the next year, in particular, 1 of these projects will be put into production at the end of 2021. As a result, an additional 774.3 million kWh of electricity per year is generated.
This year, work is also underway on 7 projects with a total installed capacity of 187 MW, which are planned to be fully implemented in 2022.
In accordance with the decree of the President of the country from 27 October 2020 “On measures to accelerate the reform of enterprises with the participation of the state and the privatization of state assets” under the supervision of the Ministry of Energy, a program for the transformation of the Company has been developed, the process of introducing a new corporate culture is under way.
The Ministry of Energy has involved the world’s leading consulting companies in this process. In particular, partnerships have been established with Pricewaterhousecoopers for financial activities, with X-Holdings for digital transformation, McKinsey & Company for revising corporate governance and investment program.
Also, in cooperation with Tractable Engineering, a program for the development of the hydropower industry until 2030 has been developed.
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