TASHKENT, Uzbekistan, April 6. Fitch Ratings (a global credit rating agency) has upgraded Uzbek National Bank’s viability rating (VR) to 'b+' from 'b' and affirmed the long-term foreign- and local-currency issuer default ratings (IDRs) at 'BB-' with stable outlooks, Trend reports.
According to Fitch, the bank's rating is supported by its superior position in the local market, which is underpinned by an extended record of stable asset quality and high capitalization through the cycle.
In addition, the agency forecasts the Fitch Core Capital (FCC) ratio to remain sustainably above 20 percent in 2024–2025.
Fitch Ratings has stated that favorable changes in the IDRs could result from the Uzbek sovereign upgrade.
Furthermore, VR would be upgraded if the operating environment score was also enhanced. This includes maintaining the bank’s stable asset quality and strong capitalization, with the FCC ratio consistently above 22 percent and sustained improvements in NBU's risk profile.
Meanwhile, according to Fitch Ratings, Uzbekistan plans to sell at least two banks to foreign strategic investors by the end of 2025.
The agency notes that this step is aimed at increasing the share of non-state banks from 32 percent (as of the end of 2023) to 60 percent.
According to Fitch's report on Uzbekistan's banking sector, the timing of the sale of two large banks, Uzpromstroybank (Uzbek Industrial and Construction Bank) and Asakabank, was recently postponed to late 2024 and late 2025, respectively. Analysts speculate on possible further postponements.