Tajikistan plans to do a US$ bond after....>

PIPELINE: Tajikistan plans to do a US$ bond after roadshow in Europe, US

starting Aug. 31 via Citi and Raffeisen Bank Intl. Moody's set provisional (P)B3

rating to the Govt of Tajikistan sr unsecured US$-denominated notes, which will

rank "pari passu with the Govt of Tajikistan's current and future senior

unsecured external debt. It set provisional rtg based on preliminary prospectus

Moody's received on Aug.24th, and will set "definitive rtg upon receipt and

review of the final documentation. The proceeds of the notes are intended to

primarily serve to finance govt spending of the Rogun HPP project." 

- It said Tajikistan B3 issuer rating and stable outlk reflect "economy's robust

medium-term growth prospects, which are supported by hydropower generation,

notwithstanding inherent project risks attached to the construction and

operation of the Rogun HPP project." Its rtg incorporates "credit challenges

posed by institutions that are weak on a global scale, although progress on

financial reforms and macroeconomic stability indicate some improvements;" plus

"external vulnerability risks are significant as a result of low, albeit rising,

foreign reserves relative to external debt."