Tashkent, Uzbekistan (UzDaily.com) -- S&P Global Ratings assigned its ‘BB-’ long-term issue rating to the U.S. dollar-denominated senior unsecured notes to be issued by Ipoteka Bank JSCM (BB-/Negative/B). 

The rating on the proposed notes is at the same level as our long-term issuer credit rating on the bank. This is because payment obligations under the notes will rank at least equally with other unsecured and unsubordinated obligations. The issue’s final terms will be defined when the notes are placed.

“We do not think that the issuance will significantly change the bank’s funding profile or overall creditworthiness. We assume the bank will use the proceeds to develop its lending, refinance the maturing lines, and for general liquidity support,” the agency said in a statement.