Fitch upgrades UzAuto Motors

Fitch Ratings said it upgraded its ratings for UzAuto Motors’ long-term issuer default and senior unsecured ratings to BB- from B+. The recovery rating on the debt is RR4.

The upgrade follows the revision of socio-political and financial implications of a UAM default to 'strong' from 'moderate'. We have therefore equalized its rating with that of the sovereign in line with Fitch's government-related entities rating criteria (GRE),” the agency said in a press release.

Fitch noted that UAM and related parties employ about 28,000 in Uzbekistan and a default would boost unemployment.

The outlook remains stable.

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