Standard & Poor's increases Uzbek bank’s long-term rating
Uzbekistan, Tashkent, Dec. 21 / Trend D.Azizov /
Standard & Poor's Ratings agency increased the long-term rating of state-commercial national bank (People's Bank) from 'B' to 'B +' and affirmed its short-term rating at 'B', the agency said on Tuesday. The ratings were assigned to the bank with "positive" outlook.
It was reported that S & P assigns People's Bank long-term and short-term credit rating 'B / B' with stable outlook in August 2009 and confirmed them in October 2010 and June 2011.
According to the agency, the newly assigned ratings reflect adequate business position and an adequate position on risk.
The adequate business position of the bank is determined by one of the leading positions of this structure in the Uzbek banking sector in terms of assets - 1.6 trillion soums as of October 1, 2011.
S & P thinks that the People's Bank has an adequate position on risk.
S & P analysts said that the financial indices and a business profile will remain stable over the next 12-24 months.
Halk Bank was established in Uzbekistan in 1995.
The official exchange rate is 1.791.38 soums per $1.