S&P affirms 3 Uzbek banks

Standard & Poor's said it affirmed the B long-term and B short-term counterparty credit ratings on National Bank For Foreign Economic Activity of the Republic Of Uzbekistan, Halk Bank and Uzpromstroybank.

The outlooks on all three banks remain stable.

The affirmations reflect a view that strong ongoing government support has somewhat sheltered the financial performance of the banks during the global economic slowdown, S&P said, and has helped them maintain adequate capitalization and balance-sheet liquidity.

The ratings are constrained by Uzbekistan's high-risk operating environment and high credit risks, accentuated by government-directed lending and low diversity in the loan portfolio, the agency said.

The banks' status as government-related entities and an assessment of their high systemic importance partly mitigate the negative rating factors, S&P added.

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