In their report, Fitch analysts identify several key factors that influenced the rating:

Strategic role in the economy: Uzbekneftegaz JSC performs a critical function in ensuring the country's energy supply, remaining the largest supplier of natural gas to the energy sector, heating and automotive fuel. The company is also one of the largest employers in Uzbekistan. These factors make it a strategically important player supporting economic stability and growth.

Public administration: Fitch assesses the degree of government control over the company as "very strong". Full state ownership and control ensure stability and confidence in the operational efficiency of Uzbekneftegaz, confirming the importance of state support for its sustainability and development.

Liberalization of gas prices: It is predicted that the process of liberalization of natural gas prices in Uzbekistan will have a positive impact on the profitability of the company, which contributes to strengthening its financial stability in the future.

Development of the GTL gas chemical plant: Uzbekneftegaz plans to reach the full capacity of its GTL gas chemical plant for processing 3.6 billion cubic meters. This will improve the operational efficiency of the company and significantly increase its financial results.

Fitch emphasizes that continued strong government support and the process of liberalizing gas prices can have a positive impact on Uzbekneftegaz's credit profile, contributing to further strengthening its financial stability and long-term development.