September 2026 brought a milestone for Uzbekistan's power sector — and Finasia Capital was proud to be part of it.
A First Moody's Rating for NEGU
On 22 September, Moody's assigned JSC National Electric Grid of Uzbekistan (NEGU) its first-ever rating: Ba2 with a stable outlook, in line with Uzbekistan's sovereign rating. NEGU is the sole owner and operator of the country's high-voltage transmission grid, and it came to this rating in the middle of a major transformation. The company has moved from a hybrid transmission and trading entity to a ring-fenced transmission operator with regulated revenue, supported by the shift to RAB-based tariffs, which rise from UZS 49/kWh in 2024 to UZS 98/kWh from August 2026. Moody's expects NEGU's credit metrics to strengthen as the new tariff regime phases in, with FFO / net debt rising from 9% in 2025 to above 30% in 2027.
How Finasia Supported NEGU
As NEGU's financial and rating adviser, Finasia Capital worked alongside the company's team from the very beginning. The firm built a long-term financial model, which it keeps refining with feedback from banks, investors and rating agencies, prepared the materials for Moody's, S&P Global and Fitch, answered the agencies' questions, and organised meetings with NEGU's management. Above all, it helped the company tell a clear and credible story: how its reforms have strengthened its standalone profile, and how closely it is linked to the Government of Uzbekistan.
Beyond the Rating
The rating is one step on a longer road. Finasia ran a competitive process with more than 10 international banks, helped prepare a state-guaranteed three-year facility, and continues to advise on international financing under a MIGA guarantee. Through 2025 and 2026, the firm also organised several non-deal roadshows in London and brought NEGU's management to Uzbekistan Investor Day, where they met international investors and asset managers. What they heard is feeding directly into the financial model and the company's future capital markets strategy.
What It Means for NEGU
The Moody's rating moves NEGU from an unrated state utility to a rated borrower. It opens the door to commercial bank financing as the state gradually steps back from funding state-owned enterprises, and it gives lenders and investors an independent benchmark they recognise. It is also a base to build on, since a stronger standalone profile can support future rating momentum.
Finasia Capital's Role in the Market
NEGU joins a growing list of Uzbek banks and corporates that Finasia Capital has advised on their ratings with Moody's, S&P Global and Fitch, including JSC AloqaBank, State Enterprise Navoiyuran, Uzbekneftegaz JSC and Agrobank. Today, Finasia Capital is the only rating advisor in Uzbekistan with a close working relationship with all three international rating agencies, which allows it to guide issuers through the process with a clear understanding of each agency's approach.
Finasia Capital is proud to have supported NEGU on this journey and looks forward to helping the company take its next steps towards international markets.
