Tashkent, Uzbekistan (UzDaily.com) —  Fitch Ratings has assigned the Navoi Mining and Metallurgy Company (NGMK) final ratings for senior unsecured bonds amounting to US$500 million maturing in 2028 and US$500 million maturing in 2031, both rated at ‘BB-’ with a recovery rating of ‘RR4’.

These bonds will rank equally with NGMK’s existing and future senior unsecured debt. This rating aligns with the long-term issuer default rating (IDR) for NGMK, also set at ‘BB-’ with a "Stable" outlook.

The standalone credit profile of NGMK has been upgraded from “bb” to “bb+”, reflecting the company’s improved resilience and further diversification of its funding sources.

The bond issuance is a significant step in implementing NGMK’s strategic plan to strengthen its financial position. Proceeds from the bond placement will be used to finance capital expenditures and refinance existing debt, ensuring sustainable operational growth and financial stability for the company.

The upgraded standalone credit profile highlights NGMK’s solid financial foundation and its status as the fourth-largest gold producer globally, with a projected output of over 3 million ounces in 2024. With its substantial production volume and rich resource base, NGMK ranks among the lowest-cost producers in the industry.

These achievements, along with ongoing improvements in corporate governance and financial discipline, will enable the company to maintain strong performance and foster further development in global capital markets.