���������ֳ�

JSC Uzbek Metallurgical Plant (UMK)’s rating downgrade in February 2025 reflects delays in the completion of its transformative flat steel project, which aims to double its size. These delays coincided with weak steel market conditions and led to high leverage exceeding our previous negative sensitivity of 3x for a protracted period. While the project nears completion, ramp-up risks and execution risks might affect the deleveraging pace. We expect UMK’s liquidity to remain tight. This resulted in a downward revision of UMK’s Standalone Credit Profile (SCP) to ‘b’ from ‘b+’. Based on ���������ֳ�’s Government Related Entities (GRE) Rating Criteria, we rate UMK on a bottom-up basis and apply a single-notch uplift to the SCP for state support. UMK’s rating incorporates its small scale, exposure to volatile raw materials and steel prices, operations in one country and corporate governance limitations.

This abstract may have been generated in whole or in part using artificial intelligence and is therefore subject to error and inaccuracy, including but not limited to, hallucination. Further disclaimer can be found