Moody's Confirms UzAuto Rating

International rating agency Moody's has affirmed the credit rating of UzAuto Motors at Ba3 with a stable outlook. This indicates that the company is financially stable and capable of meeting its debt obligations on time.

UzAuto is planning to issue new bonds in order to repay its current debts and cover the $300 million Eurobonds due in May 2026. According to Moody's, this step will help strengthen the company’s financial position.

The report notes that UzAuto is the largest car manufacturer in Uzbekistan, holding an 82 percent market share. Over the past year, the company produced 378,000 vehicles, generated $4 billion in revenue, and earned $471 million in profit.

The Uzbek government owns 99.7 percent of the company. Moody's highlighted certain risks for UzAuto, including its reliance on the domestic market and its partnership with General Motors.

Additionally, a temporary decline in sales volume has been observed due to the transition to an installment payment system. The agency forecasts that in the next 1-2 years, the company is likely to improve its financial indicators and enhance stability.

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