Moody's ups Qishloq Qurilish Bank to B2

Moody's Investors Service said it upgraded the long-term global-scale local-currency deposit rating of Qishloq Qurilish Bank (formerly Gallabank) to B2 from B3. The bank's E+ bank financial strength rating, B3 long-term global-scale foreign-currency deposit rating and its not-prime short-term global-scale local- and foreign-currency deposit ratings were affirmed.

The outlook is stable.

The upgrade follows the acquisition of a 69% stake in the bank by the Uzbek state through the Ministry of Finance and the Fund for Reconstruction and Development of Uzbekistan in the second quarter of 2009, Moody's said.

Accompanying the change of control, the bank's name was changed from Gallabank and a new strategy of supporting rural construction development was announced, the agency said.

The state's ownership of the bank is likely to result in a high probability of support from the parent, in case of need, Moody's said.

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