TASHKENT, Uzbekistan, December 25. Fitch Ratings affirmed Uzbek Uzpromstroybank Long-Term Issuer Default Ratings at BB- with Stable Outlook, Trend reports.
According to Fitch data, the grade reflects the agency's estimate of a modest possibility of Uzbek government support if needed, as represented in its Government Support grade (GSR) of 'bb-' and citing the agency, the Uzbek government intends to sell the bank's controlling ownership to a strategic investor by the end of 2024.
Fitch Ratings, on the other hand, feels that the bank should be able to receive state assistance as long as it is majority state-owned.
"Uzpromstroybank's Viability Rating (VR) of 'b' reflects its exposure to the volatile local operating environment, increased asset quality risks, moderate profitability and capitalization through the cycle, as well as a high share of external wholesale funding," according to the report.
Fitch Ratings removed Uzbek Tashkent's Long-Term Foreign- and Local-Currency Issuer Default Ratings earlier this month. The decision was explained by a lack of sufficient information to keep the ratings.
