...- Despite liquidity constraining Uzbekneftegaz JSC (UNG)'s credit profile, we do not forecast further deterioration thanks to the company's better liquidity management. - With the improving business performance and better cash flows, the ratio of sources to uses of liquidity will gradually improve to about 1.0x over the next one-two years. - Our liquidity assessment incorporates ongoing government support in helping refinance upcoming debt maturities. - We therefore revised the outlook on UNG to stable from negative and affirmed the long-term issuer credit rating and senior unsecured debt rating at 'B+'. - The stable outlook reflects our expectation that the company will address all upcoming refinancing needs and will gradually improve its ratio of sources to uses of liquidity through better cash flows, diversifying of the funding base, and improvements in the maturity profile....
