Fitch rates Ipoteka Bank eurobonds BB-

Fitch Ratings said it assigned Joint-Stock Commercial Mortgage Bank Ipoteka Bank's upcoming issue of Uzbekistan soums-denominated senior unsecured eurobonds an expected long-term rating of BB-/RR4.

“The expected rating is in line with Ipoteka's long-term foreign-currency issuer default rating of BB-, as all settlements will be in U.S. dollars,” Fitch said in a press release.

The maturity of the issue will be three years, while the size and the coupon are yet to be determined.

Ipoteka plans to use the proceeds to finance its local-currency lending portfolio.

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