“Almalyk Mining and Metallurgical Complex” JSC has received a “Ba2” credit rating with a “Stable” outlook and a Baseline Credit Assessment (BCA) of “ba3” from Moody’s.

The rating is assigned at the same level as the sovereign rating of the Republic of Uzbekistan (“Ba2”, “Stable” outlook) and represents the highest level in the country for foreign currency obligations.

At the same time, the agency assigned the Company a Baseline Credit Assessment (BCA) of “ba3”. This measure reflects the Company’s creditworthiness based on its own financial and operating capacity, excluding factors related to government support.

“Almalyk MMC” JSC has become the first company in Uzbekistan’s mining industry to receive a credit rating from Moody’s.

This is an important step for the country’s leading industrial enterprises towards accessing international capital markets.

The agency noted the Company’s strong links with the state, its large resource base, diversification across product types and favourable cost position, as well as the implementation of an investment programme that supports growth in production volumes.