Tashkent, Uzbekistan (UzDaily.com) -- In 2022, Uzbekhydroenergo JSC received a stable international credit rating of "BB-" from the international rating agency Fitch Ratings, which is considered one of the leading "three" rating agencies in the world.

It should be noted that in 2020 the Company’s rating was B+ (stable), and in 2021 it was upgraded to BB- (stable), which the company retained in 2022.

It should be noted that the rating level corresponds to the sovereign rating of Uzbekistan, and among industrial organizations it has maintained its positions in a stable state for 2 years. This rating is the result of an analysis of the financial year, that is, an assessment of the results of 2021.

Fitch Ratings studied the state of the financial and economic business strategy of Uzbekhydroenergo JSC, analyzed the stability of the model, as well as the corporate governance system and other areas, after which the organization became one of the first among the extractive enterprises of the republic that received the BB- level of the international credit rating.

At the same time, they attracted the world’s leading consulting companies, established cooperation with PricewaterhouseCoopers in the field of finance, X-Holdings Russia on digital transformation, McKinsey and Company on the revision of corporate governance and investment program, received the necessary advice and recommendations for the development of the organization.

Uzbekhydroenergo commissioned 8 facilities in 2022, which will create an additional 178 MW of production capacity and increase the total production capacity to 2,230 MW.

Uzbekhydroenergo brings this level of rating to the world-famous investor markets as the first Uzbek manufacturing enterprise with a clear and transparent business strategy, transparent financial reporting and a strong corporate governance system. This will serve to further enhance economic stability and make it possible to attract direct investment funds without state guarantees of foreign loans.