MK Leasing Uzbekistan has received a first-time Long-Term Issuer Default Rating of ‘B-’ from Fitch Ratings, with a Stable Outlook. MK Leasing is an ALTERNATIVE portfolio company in Central Asia’s most populous country, managed by MK Global Kapital Sàrl.
MK Leasing Uzbekistan began operating in 2019. By 2025, it was already the country’s second-largest lessor by new business and third largest by portfolio, according to Fitch. Within the narrower commercial-leasing segment, the company’s own reporting shows it ended 2025 as the leader by new business volume, with US$59.2mn in new transactions and the lowest share of leases overdue by more than 30 days in the industry.
Fitch praised the company’s ability to approve and disburse financing faster than its peers, and its low rate of missed payments: only 2.2% of leases were significantly overdue at the end of 2025, thanks in part to sensible downpayment requirements. It turned a healthy profit last year, a 9.3% return on its assets, and kept most of that profit inside the business to fund further growth.
The company is also branching out. Where agriculture leases once dominated its book, MK Leasing Uzbekistan is now financing construction machinery, trucks and commercial vehicles too, spreading its risk across more sectors, and green leasing, covering electric vehicles, efficient tractors and solar equipment, made up 10.3% of its portfolio in 2025. The capitalisation ratio is sound, combined with an adequate leverage ratio.
It took its first steps into public debt, issuing its first local bond (€3.63mn-equivalent) in 2025, and into international impact-investing funding, reducing its reliance on group funding from 88% to 71% within a year. Fitch rates its own debt ‘B-’ as well.
80% of MK Leasing Uzbekistan’s contracts go to micro-SMEs and 42% to rural communities. The company operates under MK Global Kapital’s Seven-Action Framework, which puts people at the centre of every financing decision, formalised locally into its own Concept of Human-Centred Financing: a five-question standard staff apply before finalising any decision affecting a client and mandatory human review of every AI-assisted or automated scoring outcome.
That growth reaches real businesses. Timur, a young tour guide, used MK Leasing Uzbekistan’s financing to secure the vehicle his travel agency needed to grow, now bringing visitors to parts of the ancient Silk Road few tourists ever see. Read Timur’s story.
The same week, Fitch also assigned first-time ratings to MK Kredit Moldova and MK Kredit Romania.
About MK Global Kapital: MK Global Kapital Sàrl is the management company of ALTERNATIVE, the Luxembourg-based securitisation fund connecting investors with high-impact opportunities across emerging markets worldwide. By combining traditional alternative finance with innovative approaches, MK Global Kapital provides entrepreneurs with flexible financing solutions whilst offering investors visibility into their impact. MK Global Kapital’s mission is to unlock potential, nurture entrepreneurial aspirations and connect ambition with investment. For more information, please visit: www.mkglobalkapital.com. For media inquiries, please contact marketing@mkglobalkapital.com.