Fitch rates National Bank of Uzbekistan “BB-” with a Stable Outlook
On 19 August 2020, Fitch Ratings assigned National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) ratings, including a Long-Term Issuer Default Rating (IDR) of “BB-” with a Stable Outlook.
Experts of Fitch Ratings note NBU’s high systemic importance, as reflected in its largest share of banking-system assets and significant state support, the strategic role of the bank in financing Uzbekistan’s long-term infrastructure and development projects, its strong client base, asset quality and good capitalization.
The assignment of ratings by the prestigious agency to the National Bank testifies to the reasonably chosen development strategy of the bank, confirmation of its leadership qualities, demonstrates the ability to maintain its stable position in attracting foreign investment and providing services for foreign trade operations, as well as banking services to strategically important sectors of the economy, including related to solving problems of the national importance.
Fitch Ratings Inc. is an American credit rating agency and is one of the “Big Three credit rating agencies”, the other two being Moody’s and Standard & Poor’s. The firm was founded in 1913, in New York City.