MADRID (S&P Global Ratings) May 1, 2025--S&P Global Ratings today assigned its 'B+' rating to the proposed senior unsecured notes to be issued by Uzbekistan?s national integrated oil and gas producer Uzbekneftegaz JSC (B+/Stable/--). About 40% of the group's debt was issued by subsidiary, GTL alone as of year-end 2023, and there is debt at other subsidiaries. Therefore, we see significant potential structural subordination in the capital structure. Nevertheless, we align the rating on the notes with the long-term issuer credit rating, since we believe the government may intervene in the event of a bankruptcy process. This is because we assess Uzbekneftegaz as one of the most important state-owned corporations in Uzbekistan and closely affiliated with the government, reflecting its
