The upgrade reflects Fitch's revised view of Agros Hayot as a 'Core' subsidiary to its 100 percent parent state-owned Uzagrosugurta JSC (BB-/Stable).

The collective journey of Nevgen and Gonchar began in 2015, when the duo reconnected and founded MSQRD, a mobile app with a collection of masks and faces for the phones’ selfie cameras.

The rise in the oil sector was 0.6 percent, up from a 6.2 percent contraction in January 2021, while the non-oil sector grew by 8.2 percent compared to 0.1 percent growth a year earlier.