Moody's cuts Uzbek banks

Moody's Investors Service said it downgraded the local currency deposit ratings of four Uzbek banks and confirmed the rating of a fifth bank following a reassessment of systemic support.

The following banks' ratings were downgraded:

• National Bank of Uzbekistan - long-term local currency deposit rating downgraded to B1 from Ba3;

• Asaka Bank - long-term local currency deposit rating downgraded to B1 from Ba3;

• Ipoteka Bank - long-term local currency deposit rating downgraded to B2 from B1; and

• Qishloq Qurilish Bank - long-term local currency deposit rating downgraded to B2 (with positive outlook) from B1.

The agency also confirmed the B1 long-term local currency deposit rating of Alokabank with stable outlook.

Moody's said the actions followed the review of the banks' ratings, which was prompted by the agency's view on the need to re-assess the level of government support provided to systemically important banks in Uzbekistan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.