Fitch Upgrades Uzbekistan Airports Credit Outlook to Positive
Fitch Ratings has upgraded the long-term credit outlook for Uzbekistan Airports Joint Stock Company from stable to positive while affirming its issuer default rating at ‘BB’.
The agency attributed the revision to the company’s resilient financial position, ongoing corporate governance reforms and the successful implementation of international financial reporting standards. The decision also aligns with a recent positive adjustment to Uzbekistan’s sovereign credit outlook.
The international ratings agency noted that the state-owned enterprise maintains a domestic monopoly over the nation’s airport services. The Ministry of Economy and Finance retains ultimate decision-making authority over strategic planning, financial management and the approval of domestic aviation tariffs. Between 2022 and 2024, the state demonstrated tangible backing by allocating 513.5 bn soums from the national budget to fund essential capital projects across the network.
While its monopolistic position guarantees steady operational traffic, Fitch analysts pointed out that the company relies heavily on aviation services for its income. Non-aviation revenue currently accounts for less than 7% of total earnings. Uzbekistan Airways remains the operator’s primary client followed by international carriers such as Turkish Airlines.
Securing a positive outlook strengthens the company’s position within global capital markets. Executive management views the upgraded assessment as a critical step toward expanding collaboration with foreign investors and securing international infrastructure financing without relying solely on state subsidies.
Infrastructure expansion and regional development
The positive rating comes as Uzbekistan Airports executes a massive investment programme designed to modernise the country’s broader aviation infrastructure. The state operator is currently expanding capacity at Tashkent International Airport to accommodate rising passenger volumes driven by an expanding tourism sector and improved domestic macroeconomic conditions.
Beyond the capital, the company is actively exploring public-private partnership mechanisms to attract independent investors for regional hubs. Facilities in Bukhara, Namangan and Urgench have been identified as primary candidates for these collaborative development initiatives.
Fitch indicated that any future upgrade to the company’s baseline rating would likely require a corresponding increase in Uzbekistan’s sovereign rating provided the airport operator maintains its standalone credit profile without material deterioration. Conversely, a sovereign downgrade would trigger a negative adjustment for the aviation firm.
