United Cement Group received a ‘B+’ credit rating with a Positive outlook from S&P Global Ratings, the leading international rating agency.
UCG Group consistently implements a strategy to improve financial stability, the quality of corporate governance and transparency to investors, employees and society. For many years, all UCG Group companies have been preparing financial statements in accordance with IFRS standards with mandatory auditing by the “Big Four” companies.
In 2022 UCG Group took the next big step in this direction, having successfully passed the procedure of receiving the credit rating from S&P Global Ratings Agency. In the course of several months the rating analysts made a complex research of all the enterprises of the Group, current condition of the regional cement market as well as evaluated possible scenarios of the future development.
As a result, UCG Group was assigned ‘B+’ rating, which is currently the highest index for non-state-owned companies operating in real sector in Uzbekistan. In their rating report, the S&P Global Ratings analysts note the leading position of United Cement Group in the rapidly growing markets of Uzbekistan and Kyrgyzstan, the successful business restructuring, the low debt burden and stable financial position of UCG Group. The positive outlook indicates that S&P analysts see a probability of an upgrade of the credit rating in the next 12 months.
The Board of Directors and Management Board of UCG consider the work done for obtaining the international credit rating as significant event not only for the Group, but also for the economy of Uzbekistan, showing the correctness of chosen development strategy and further integration into the global economy. United Cement Group continues to work consistently to implement its long-term strategy, aimed at sustainable growth of profits for investors, development of employees and supporting the economy of the country.