TASHKENT, Uzbekistan, December 13. Fitch
Ratings has withdrawn Uzbek Tashkent city’s “Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) of ‘BB-‘ with Stable
Outlook”, Trend
reports.
As per Fitch, the agency no longer has sufficient information to
maintain the ratings, and, accordingly, will no longer provide
ratings or analytical coverage for Tashkent.
“Lack of sufficient participation in the rating process from the
issuer, together with the lack of third-party sources to adequately
verify key credit factors, including fiscal and debt management
policy, limits our ability to verify the factual elements essential
to the determination of the rating,” the agency noted.
Fitch added that Tashkent city has an ESG Relevance Score of ‘4’
for Data Quality and Transparency due to exposure to limitations on
the quality and timeliness of financial data, including
transparency of public debt and contingent liabilities that lags
international standards.
As per the agency, this has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.