November 18, 2019 / 8:40 AM / 3 months ago

UPDATE 1-S&P rates Uzbek lender Uzpromstroybank's planned Eurobond 'BB-'

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ALMATY, Nov 18 (Reuters) - Standard and Poor’s has assigned a ‘BB-‘ rating to Uzpromstroybank’s (Uzbek Industrial and Construction Bank) proposed senior unsecured dollar-denominated notes, the ratings agency said on Monday.

The issue would be the first corporate Uzbek Eurobond on the market and follows the Central Asian nation’s debut sovereign bond which was issued in February.

With assets of 38.96 trillion sum ($4.1 billion), state-owned Uzpromstroybank is the third-largest lender in the former Soviet republic.

It was unclear how much the bank could borrow on the market. The Tashkent government said this month it was thinking about capping foreign borrowing by the public sector at $4 billion per year. (Reporting by Olzhas Auyezov; editing by Louise Heavens and Jason Neely)

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