MOSCOW (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today said that it has assigned its 'BB-' rating to the proposed senior unsecured notes to be issued by Uzbekistan-based Uzbekneftegaz JSC (BB-/Stable/--). Despite significant potential structural subordination in the capital structure (about 60% of debt is issued by subsidiary, GTL), we aligned the rating on the notes with the long-term issuer credit rating. This is because we believe the government may intervene in the event of a bankruptcy process, since we assess Uzbekneftegaz as one of the most important state-owned corporations in Uzbekistan and closely affiliated with the government, reflecting its role as provider of gas and liquid hydrocarbons at relatively low tariffs to the domestic economy. We understand that
