Fitch Ratings has affirmed JSC Almalyk Mining and Metallurgical Complex's (Almalyk) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

Almalyk's rating is equalised with that of its sole parent, Uzbekistan (BB-/Stable). This is due to the strong ties between the company and the state under Fitch's Government-Related Entities (GRE) Rating Criteria. We assess Almalyk's Standalone Credit Profile (SCP) at 'b+', reflecting its small but increasing scale of operations, commodity diversification into copper, gold, zinc and silver, a favourable cost position of its main asset, long reserve life and moderate leverage.

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