Moody’s Ratings has assigned the Almalyk Mining and Metallurgical Complex (AGMK) its first long-term corporate family rating of Ba2. Additionally, the agency established a Ba2-PD probability of default rating and a ba3 base credit assessment for the company. The rating outlook remains stable.
In assessing AGMK, Moody’s utilized its methodology for state-affiliated issuers, as the Government of Uzbekistan owns 98.7% of the company's shares. The Ba2 rating reflects AGMK's standalone creditworthiness, Uzbekistan's sovereign rating of Ba2, the company's high dependence on the state in case of default, and the high likelihood of receiving extraordinary state support if financial difficulties arise.
A key factor in this assessment was AGMK's strategic importance to the country's economy. In 2025, the company accounted for 5% of Uzbekistan's GDP and 5.8% of the state budget revenue. AGMK was responsible for 100% of copper production, 90% of silver production, and 20% of gold production in the country.
Moody’s also noted AGMK's vertical integration, which covers ore extraction and processing, smelting, refining, and chemical production. Operational diversification is expected to increase after the launch of the Yoshlik-I mine. According to AGMK forecasts, after reaching full capacity in 2029, the total copper output will approximately double, and gold production will increase by approximately 70%.
The company possesses significant reserves and a long operational lifespan for its main assets. For the Kalmakir mine, this period is 90 years, and for the Yoshlik-I project, it is 48 years. This assessment is based on the national reserve classification and mineral resource evaluation from February 2023 according to the JORC standard.
Moody’s assessed AGMK's credit metrics as of the end of 2025 to be sound. The agency-adjusted total debt to EBITDA ratio was 1.8x, while the EBITDA minus capital expenditures to interest expense ratio reached 5.1x. Nevertheless, Moody’s anticipates a moderate deterioration in these indicators due to the implementation of the company's large-scale investment program.
Among the factors limiting the credit rating, the agency highlighted the concentration of operations in the Almalyk district of Tashkent region. In 2025, about 80% of copper and gold production came from the Kalmakir mine. The company's performance is also sensitive to fluctuations in metal prices and the exchange rate of the US dollar against the Uzbek sum. Significant capital expenditures will require attracting additional debt and create execution risks for the Yoshlik-I project expansion.
Dividend payments also put pressure on liquidity. However, the government has adjusted dividend requirements considering investment and debt servicing needs, and AGMK is developing a new dividend policy that will link payouts to debt burden. This policy is expected to be approved by 2027.
Moody’s also noted the company's development of new policies regarding dividends, debt management, and liquidity. The agency believes these measures will strengthen financial discipline. AGMK itself has set a target net debt to EBITDA ratio of 2.5x for the investment cycle up to 2030.
The high likelihood of extraordinary state support accounts for preferential financing from state structures. Specifically, the Reconstruction and Development Fund provided AGMK with loans totaling 459 million US dollars at interest rates of 2.25–5% and repayment terms ranging from five to 15 years. Support also includes state guarantees on part of the debt and capitalization of strategic projects. In 2024, about 12 trillion sums of company debt were converted into equity.
Moody’s also considers agreements for the supply of domestic products as an additional supporting factor. In 2025, the Central Bank of Uzbekistan's Precious Metals Agency purchased 94% of AGMK's gold and 100% of its silver at prices linked to London Bullion Market Association (LBMA) benchmarks.
Regarding ESG, Moody’s assigned AGMK an ESG impact score of CIS-2, indicating a minor influence of ESG factors on the rating. The company's corporate governance was rated G-3, reflecting the expectation of balanced financial policy and a prudent approach to liquidity management.
The stable outlook reflects Moody’s view that AGMK's operational and financial performance, credit metrics, and liquidity will not deteriorate significantly. The outlook also includes the expectation of maintaining a high probability of state support for the company. An upgrade of AGMK's rating is possible if Uzbekistan's sovereign rating increases, provided there is no significant deterioration in the company's performance and the probability of state support does not decrease. The base credit assessment may be improved if AGMK significantly increases operational diversification and liquidity, adopts a more conservative liquidity management policy, and sustainably maintains the total debt to EBITDA ratio below 2.0x and the EBITDA minus capital expenditures to interest expense ratio above 4.5x. A downgrade may occur if Uzbekistan's sovereign rating decreases or if AGMK's operational and financial performance deteriorates significantly. Moody’s may lower the base credit assessment if the total debt to EBITDA ratio remains above 3.0x and the EBITDA minus capital expenditures to interest expense ratio remains below 2.5x.
The international coffee chain Starbucks has announced its intention to establish its first Global Center of Excellence (GCC) in the city of Chennai. This enterprise is expected to create approximately 800 new jobs.
The company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to set up this center. According to an official statement, this marks the first time Starbucks is opening a GCC in India, with Tamil Nadu being selected as the location for expansion. The new structure will operate independently from Starbucks' retail joint venture in India with Tata Consumer Products.
Anand Varadarajan, CTO of Starbucks Coffee, noted that the company's decision to establish a GCC in Tamil Nadu was driven by the availability of skilled personnel in Chennai and a lower employee turnover rate.
India has become a leading global destination for establishing GCCs, with over 2,100 such units now located in the country, compared to 1,600 five years ago. This segment provides employment for approximately 2.3 million specialists and has become a key growth driver for India's technology industry, which is valued at $300 billion.
This growth is also visible in hiring trends among GCCs. A study conducted by the specialized recruiting firm Xpheno showed that in fiscal year 25, 25 GCCs hired 110,000 candidates, exceeding the figures of traditional IT companies by 10,000 people. In fiscal year 26, the number of hired candidates reached 180,000, which is 60,000 more than in IT service companies.
The development of GCCs is also reflected in the types of companies opening their centers in India. While initially these were multinational corporations from the US, this trend has now spread to companies from Europe and Japan. Furthermore, medium-sized companies and startups from developed countries, especially the United States, are opening GCCs in India. These GCCs have also advanced up the value chain, becoming key centers that develop new solutions while managing all functions from India.
In the city of Tashkent, three land plots are planned to be transferred to private companies for the implementation of projects to create squares and parking zones. These projects will be carried out in the format of public-private partnership, and the rights to conclude the necessary agreements will be put up for electronic auction.
One of the plots is located in the Yunusabad district, specifically in the Kashkar mahalla on Istiklol street. Both a square and a parking lot are planned to be built on this territory. The initial price for the right to conclude the PPP agreement for this object is set at 514.2 million soums.
The remaining two plots are located in the Chilanzar district. The first is in the Kattadombrobod mahalla on Gavhar street, and the second is in the Beshkurgan mahalla on Bunyodkor avenue. Both of these plots are intended exclusively for organizing parking spaces.
The rights to implement projects on these two plots will be offered as a single lot, with a starting price of 932.9 million soums. The decision to launch these projects was made by the Hokim of Tashkent on September 14.
According to the approved document, the first object must be presented at the E-auksion platform within ten days, while the other two plots will be listed within fifteen days.
AO Toshkent Invest has been designated as the state partner in these projects. All funds received from the conclusion of PPP agreements will be directed to the Tashkent Development Fund under the Hokimiyat. After the auctions are completed, the relevant public-private partnership agreements will be signed with the winner, and Toshkent Invest will oversee their execution.
