International rating agency Fitch Ratings has revised the outlook on Uzbekistan Airports' Long-Term Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at 'BB'.

Fitch stated that Uzbekistan Airports is a strategically important state-owned airport operator. The agency believes that the government will continue to support the operator, as its activities play a key role in developing the aviation industry and implementing the country's development strategy until 2030. In 2022-2024, over 513 billion soums were allocated from the budget for the company's investment projects.

Currently, Uzbekistan Airports manages all airports in the republic, holding a de facto monopoly position in the market. Passenger traffic continues to grow due to the development of tourism and improvement of the economic situation in the country.

According to the agency, the company maintains a stable financial position. The average net debt to EBITDA ratio in 2026-2030, under Fitch's base case forecast, is only 0.1x, indicating low debt burden.

Uzbekistan Airports is currently implementing a large-scale investment program. Modernization of Tashkent International Airport is ongoing, and public-private partnership projects are being considered for the development of airports in Bukhara, Namangan, and Urgench. Fitch expects these projects to help increase passenger traffic and commercial revenue.

However, the agency also points out existing limitations. A significant portion of the company's revenue depends on commercial contracts and tariffs set by the state for domestic airlines. Additionally, Uzbekistan Airports' operations remain closely tied to the country's economy, so the company's rating is constrained by Uzbekistan's sovereign rating level.

For 2025, the largest client of Uzbekistan Airports was national airline Uzbekistan Airways, accounting for about 10% of revenue, followed by Turkish Airlines with 7% and Maersk Air with 6%.

Fitch emphasized that an upgrade of Uzbekistan Airports' rating is possible if Uzbekistan's sovereign rating improves further. Conversely, a downgrade of the country's rating would automatically have a negative impact on the state airport operator's rating.

Earlier, Uzbekistan Airports joined the international Airport Carbon Accreditation program, which assesses airports and confirms their work in managing and reducing carbon emissions.

Source: podrobno.uz