Tashkent, Uzbekistan (UzDaily.com) -- S&P Global Ratings today 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). “The rating is subject to our analysis of the notes’ final documentation,” the agency said.

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.

“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.