Tashkent, Uzbekistan (UzDaily.com) — Fitch Ratings agency has raised the long-term foreign currency issuer default ratings (IDRs) of three Uzbek energy companies from “BB-” to “BB.” The outlooks on all ratings are stable.

The upgrades followed the improvement of Uzbekistan’s sovereign rating on June 26, 2025.

The ratings of JSC “Regional Electric Networks” (Standalone Credit Profile, SCP: ccc), JSC “Thermal Power Plants” (SCP: ccc), and JSC “Uzbekhydroenergo” (SCP: b+) were aligned with the rating of their parent entity—the Government of Uzbekistan—reflecting that nearly all of these companies’ debt is backed by state guarantees or directly provided by the government.

All three companies—JSC “Regional Electric Networks,” JSC “Thermal Power Plants,” and JSC “Uzbekhydroenergo”—received an ESG transparency score of “4” due to delays in publishing financial reports in accordance with IFRS compared to international standards.

The lack of transparency limits the ability to fully assess the companies’ financial condition, which negatively impacts their credit profile and is significant in the overall rating determination alongside other factors.

Typically, the highest materiality level of ESG factors in credit analysis is “3,” unless otherwise specified. A “3” rating means ESG factors are either neutral to the rating or have minimal impact. Fitch’s ESG scores are observations regarding the significance of relevant factors, not direct inputs into the rating model.