Fitch Ratings – Moscow – 07 Apr 2021: Fitch Ratings has assigned Joint-Stock Commercial Mortgage Bank Ipoteka-Bank’s (Ipoteka) upcoming issue of Uzbekistan soums-denominated senior unsecured Eurobonds an expected long-term rating of ‘BB-(EXP)’/’RR4’.

     The issue will be denominated in Uzbekistan soums, but all settlements will be in U.S. dollars using the exchange rate set by the Central Bank of Uzbekistan at each settlement date. 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.

     The final rating is contingent upon the receipt of final documents conforming to information already received.