S&P rates KDB Bank Uzbekistan B+, B

Standard & Poor’s said it assigned a B+ long-term and B short-term counterparty credit ratings to KDB Bank Uzbekistan JSC.

The outlook is stable.

The ratings consider the structurally elevated economic- and industry-risks for banks in Uzbekistan, S&P said.

The ratings also reflect the bank’s weak business diversity, mainly owing to the bank’s conservative development strategy and deliberately narrowed customer base, the agency said.

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