BAKU, Azerbaijan, Oct. 12
By Klavdiya Romakayeva - Trend:
S&P Global Ratings has assigned the planned issue of senior unsecured bonds (denominated in US dollars) to Uzbekistan’s National Bank JSC with a long-term rating of BB-, Trend reports referring to the press service of S&P Global Ratings.
The rating of the planned bond issue is in line with the long-term credit rating of the bank's issuer, as these bonds have at least equivalent priority in payments compared to other unsecured and unsubordinated liabilities of the bank.
The final terms of the issue will be determined at the time the bonds are placed.
“In our view, this issue will not have a significant impact on the bank's funding profile, as well as on its overall creditworthiness. We believe that the bank will use the proceeds from the placement of bonds to develop commercial lending in a number of industries,” the statement says.
S&P Global Ratings is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies
BB- is the bond rate given to debt instruments that are generally considered speculative in nature. BB- is the parallel rating provided by both the S&P and Fitch rating services.
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