MADRID (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its 'BB-' issue rating to the senior unsecured bond proposed by Uzbekistan-based gold miner Navoi Mining And Metallurgical Co. (NMMC; BB-/Stable/--), in line with the issuer credit rating on 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 5% of the company's debt is secured, which means there is no contractual subordination. We understand that NMMC will use most of the bond proceeds to repay existing debt and general corporate purposes, including but
