Fitch Upgrades Uztelecom's Rating
International rating agency Fitch Ratings has affirmed Uztelecom's long-term credit rating at 'BB' with a positive outlook.
The company's standalone creditworthiness rating was upgraded from 'bb-' to 'bb,' according to the agency's statement dated November 9.
The decision is linked to the expected improvement in free cash flow and reduction in debt burden over the next two years. Fitch notes the operator's stable market position in Uzbekistan and the expansion of its customer base.
As of the end of September 2026, Uztelecom held approximately 32% of the mobile market and 85% of the fixed broadband internet market.
The state owns 94% of the company's shares. Around 43% of its external debt is secured by state guarantees. By the end of 2027, this share is forecast by Fitch to exceed 50%.
The agency expects Uztelecom's capital expenditures to account for 49% of revenue in 2026 but to decrease to 27% by 2028. The net debt to EBITDA ratio, after rising to 2.8 in 2026, is projected to decline to 2.6 by 2028.
Among the risks, analysts highlight currency dependence: approximately 90% of the debt is denominated in foreign currency, while the majority of revenue is received in Uzbekistani sums.
Uztelecom is also considering the possibility of an international IPO. Fitch does not expect the share offering to affect the rating, as control over the company is expected to remain with the state.
