The agency said in its report that the affirmation reflects the bank's stable business profile as the fourth-largest bank in
The ratings reflect the 'b+' anchor for a bank operating primarily in
Although Standard & Poor's does not rate
"We also consider the bank to be a government-related entity with a "very high" likelihood of support from the
The stable outlook reflects the agency's expectation that continued state ownership and ongoing support from the government, notably via capital increases, should offset any potential increase in credit risks due to rapid growth over the past several years.
Standard & Poor's believes that the creditworthiness of Uzbek banks, including
A deterioration of the bank's capital adequacy represents the main risk for its financial profile and creditworthiness, according to the report.
The agency could lower the ratings on the bank if the government was unable or unwilling to support the bank's capital base and failed to inject fresh capital within the next 12 months. Other factors that could lead us to take a negative rating action are weakening asset quality and uncontrolled credit expansion in risky sectors.
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