Fitch Ratings-London-20 February 2019: Fitch Ratings has assigned Uzbekistan’s USD500 million 4.750% notes maturing 2024 and USD500 million 5.375% notes maturing 2029 ‘BB-‘ ratings. 

The net proceeds from the notes will be used by the issuer for general budgetary purposes, including infrastructure projects.

KEY RATING DRIVERS 
The ratings are in line with Uzbekistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR), which Fitch assigned at ‘BB-‘ with a Stable Outlook on 20 December 2018.

RATING SENSITIVITIES
The bonds’ ratings are sensitive to changes in Uzbekistan’s Long-Term Foreign-Currency IDR.

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