Tashkent, Uzbekistan (UzDaily.com) — Fitch Ratings has assigned a long-term Issuer Default Rating (IDR) of “BB” with a stable outlook to Uzbekistan Airports.

The company’s rating aligns with the sovereign rating of the Republic of Uzbekistan (BB/Stable) under Fitch’s methodology for government-related entities (GRE).

Uzbekistan Airports’ standalone credit profile (SCP) is also rated “bb,” reflecting its monopoly position in the domestic market, low debt levels, and stable revenue streams from ongoing and planned public-private partnership (PPP) projects.

Fitch notes that Uzbekistan Airports is fully state-owned: 75% of shares are held by the Ministry of Economy and Finance and 25% by the National Investment Fund. This provides strong government oversight and involvement in strategic planning, including setting aviation tariffs. State support has been demonstrated by the allocation of 513.5 billion UZS from the budget for capital projects between 2022–2024.

“Uzbekistan Airports is a key component of the aviation sector and an important driver of national economic growth, aligned with the strategic plan through 2030,” Fitch stated.

The company holds a monopoly in the Uzbek airport market, reducing competition risk, although revenues are concentrated: aeronautical revenues account for the majority, while non-aeronautical revenues make up less than 5%. Major clients include Uzbekistan Airways (13% of 2024 revenue) and Turkish Airlines (9%).

Part of the revenue comes from bilateral commercial contracts, making it somewhat sensitive to short-term economic volatility. Aviation tariffs for domestic airlines (68% of passenger traffic in 2024) are set by the Ministry of Economy and Finance based on Uzbekistan Airports’ proposals, which limits revenue predictability.

Uzbekistan Airports is pursuing infrastructure upgrades and capacity expansion, including independent development of Tashkent Airport and potential private investor involvement in Bukhara, Namangan, and Urgench airports. Capital investments are primarily financed from internal funds and available credit lines.

The company’s debt structure includes amortizing secured and unsecured loans, partly guaranteed by the government. As of June 2025, 16% of debt is government-backed, and 13% consists of interest-free loans from the Ministry of Economy and Finance. Financial metrics remain strong: Fitch projects a net debt to EBITDA ratio of 0.1x under the base case and 0.3x under the rating case for 2025–2029.

“Assigning a ‘BB’ rating reflects Uzbekistan Airports’ strong financial position, domestic market monopoly, and close government ties, supporting resilience against external risks,” Fitch noted.

Uzbekistan Airports does not have an international bond presence; however, a default could negatively impact the country’s and related entities’ reputation.

Fitch considers the stable outlook to reflect ongoing government support and the company’s continued key role in Uzbekistan’s aviation sector.