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S&P assigns "BB-" rating to Uzbek bank's bond issue

Finance Materials 18 November 2019 16:48 (UTC +04:00)
S&P assigns "BB-" rating to Uzbek bank's bond issue

BAKU, Azerbaijan, Nov. 18

By Fakhri Vakilov - Trend:

Standard and Poor’s (S&P) Global Ratings assigned its 'BB-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes to be issued by Uzbekistan-based Uzpromstroybank (Uzbek Industrial and Construction Bank), Trend reports citing S&P.

“The rating is subject to our analysis of the notes' final documentation,” the agency said.

S&P stated that the proposed issuance, would not have a substantial impact on the bank's overall credit quality.

The 'BB-' issue rating on the proposed notes is at the same level as our long-term issuer credit rating on Uzpromstroybank. This is because, according to the preliminary conditions, the bank's payment obligations under the notes will rank at least equally with the bank's other existing and future unsecured and unsubordinated obligations, reads the message.

“We think that the issuance will not materially change the stability of the bank's funding nor the overall creditworthiness. We assume the bank will use the proceeds to develop its commercial lending,” the agency noted.

Standard & Poor’s is a subsidiary of the American corporation McGraw-Hill, engaged in analytical research of financial markets. The company is one of the three most influential international rating agencies, known mainly as the creator and editor of the American stock index S&P 500.

Standard & Poor’s, along with Moody’s and Fitch Ratings, is among the “Big Three” of international rating agencies.

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