Tashkent, Uzbekistan -- S&P Global Ratings today said it assigned its 'BB-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes to be issued by  National Bank For Foreign Economic Activity Of The Republic Of Uzbekistan (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.

Issuance will not materially change the bank's funding profile or overall creditworthiness. We assume the bank will use the proceeds to develop its commercial lending in several industries.