Uzbekistan: Fitch downgrades Uzmetkombinat credit rating
International rating agency Fitch Ratings has downgraded the long-term Issuer Default Rating (IDR) of JSC Uzbek Metallurgical Plant (UMK) to “B” from “B+”. The rating outlook remains Positive. The agency attributed the decision to a slower-than-expected ramp-up of the new flat-rolled steel production complex to its design capacity. According to Fitch, reaching planned targets will…