Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-' - S&P Global Ratings’ Credit Research

Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-'

Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-' - S&P Global Ratings’ Credit Research
Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-'
Published Oct 04, 2024
3 pages (1323 words) — Published Oct 04, 2024
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Abstract:

MADRID (S&P Global Ratings) Oct.4, 2024--S&P Global Ratings today assigned its 'BB-' issue rating to the senior unsecured bond proposed by Navoi Mining And Metallurgical Company (NMMC; BB-/Stable/--), in line with the issuer credit rating on Uzbekistan-based NMMC. The proposed bond will not be subordinated to the vast majority of NMMC's debt. The company has a simple legal structure with one legal entity that issues all of its debt, therefore there will be no structural subordination. On top of that, only about 6% of the company's debt is secured which means there is no contractual subordination. We understand that NMMC will use most of bond proceeds to repay existing debt. The rest will be used for general corporate purposes, including

  
Brief Excerpt:

...- Criteria | Corporates | General: Sector-Specific Corporate Methodology, April 4, 2024 - Criteria | Corporates | General: Corporate Methodology, Jan. 7, 2024 - Criteria | Corporates | General: Methodology: Management And Governance Credit Factors For Corporate Entities, Jan. 7, 2024 - General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - Criteria | Corporates | Recovery: Methodology: Jurisdiction Ranking Assessments, Jan. 20, 2016 - General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - General Criteria: Methodology:...

  
Report Type:

Ratings Action

Issuer
Sector
Global Issuers
Region
Europe, Middle East, Africa
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-'" Oct 04, 2024. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Navoi-Mining-And-Metallurgical-Company-s-Proposed-Bond-Rated-BB-3262079>
  
APA:
S&P Global Ratings’ Credit Research. (). Navoi Mining And Metallurgical Company?s Proposed Bond Rated 'BB-' Oct 04, 2024. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Navoi-Mining-And-Metallurgical-Company-s-Proposed-Bond-Rated-BB-3262079>
  
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