Fitch Ratings upgraded UzAuto Motors’ long-term rating from «BB-» to «BB» with a stable outlook, projecting the average price of its vehicles will remain around $10,800 between 2026 and 2028.
The agency expects the automaker to increase sales by 1.3% in 2026 to reach 400,000 units. Supported by stable pricing, revenue is forecast to grow to $4.4 bn this year and hit $4.7 bn by 2029.
The rating upgrade follows the company’s successful Eurobond refinancing and improved liquidity. Last autumn, UzAuto Motors issued $350 mln in Eurobonds maturing in 2030, using the proceeds to retire previous securities and bank loans.
The manufacturer sold nearly 400,000 vehicles last year, generating $4.1 bn in revenue. Profit before interest, taxes and other expenses reached $355 mln, surpassing Fitch’s expectations. However, free cash flow fell to a negative $52 mln due to widespread instalment sales that delayed immediate customer payments.
Analysts anticipate a positive cash flow shift starting in 2026 as customers repay existing vehicle loans and the company reduces direct consumer financing.
Despite controlling approximately 80% of the domestic market, the company’s overall business scale remains restricted. UzAuto Motors relies on a limited line-up of affordable vehicles and its sales are almost entirely confined to Uzbekistan.
