03 July 2026

Fitch Ratings Assigns the Company a ‘BB’ Rating with a ‘Positive’ Outlook

2 July 2026 — International credit rating agency Fitch Ratings has assigned JSC Uzbekistan Mortgage Refinancing Company (the Company) a Long-Term Issuer Default Rating (IDR) of ‘BB’ in both foreign and local currencies. The rating has been assigned a Positive Outlook.

According to Fitch Ratings, the Company’s rating is directly linked to the sovereign rating of the Republic of Uzbekistan, reflecting the government’s strong willingness to provide support to the Company. The agency identified the government’s 90% ownership stake, regular capital injections, access to funding backed by sovereign guarantees, and the Company’s strategic role in Uzbekistan’s mortgage finance system as the key factors underpinning the rating.

The report also highlights the Company’s steadily strengthening position in Uzbekistan’s mortgage market. In particular, the Company refinanced 11% of all mortgage loans originated in the country during 2025, while its market share increased from 5.3% at the end of 2023 to 8.3% by the end of the first quarter of 2026.

Fitch Ratings also positively assessed the Company’s conservative risk management framework. Mortgage loans eligible for refinancing are selected based on stringent underwriting criteria, partner banks continuously monitor loan performance, and, where necessary, non-performing loans are replaced with performing assets. This approach has ensured the high quality of the Company’s loan portfolio. As a result, the Company reported no non-performing loans in its portfolio as of the end of 2025.

The report further highlights the Company’s strong financial position and capital base. As of the end of 2025, the Company’s capital adequacy ratio stood at 190%. Fitch also noted that the government’s decision to increase the Company’s capital on a phased basis is expected to support its long-term sustainable growth.

Fitch Ratings also recognized the Company’s significant role in Uzbekistan’s domestic capital market. As of the end of the first quarter of 2026, the Company accounted for 27% of all outstanding corporate bonds in the country. The agency further noted that the Company enjoys broad access to both domestic and international sources of funding, supporting its stable and sustainable development.

According to Fitch Ratings, an upgrade of the sovereign rating of the Republic of Uzbekistan could also lead to an upgrade of the Company’s rating.