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 Fitch Ratings has withdrawn Uzbek Tashkent city’s "Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BB-' with Stable Outlook", Trend reports.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.