Moody’s Investors Service (“Moody’s”) took rating actions on 7 Uzbek banks. These follow the upgrade of Uzbekistan’s sovereign rating to Ba3 (stable outlook) from B1 (positive outlook), and raising of the country’s local and foreign currency ceilings to Ba1 and Ba3 from Ba2 and B1, respectively, on 20 January 2023.

The upgrade of the National Bank of Uzbekistan (NBU) long-term local and foreign currency deposit ratings to Ba3 from B1 follows the sovereign rating action on Uzbekistan and reflects Moody’s assumption of a very high probability of support from the government of Uzbekistan resulting in two notches of uplift from the bank’s b2 BCAs. 

The change of outlook on the long-term bank deposit ratings to stable from positive reflects Moody’s expectation that this bank’s credit profiles will remain broadly stable in the next 12-18 months, as well as the stable outlook on the sovereign rating.

The NBU is a state-owned bank that actively participates in the implementation of large-scale reforms in the country by providing high-quality banking services and products, expanding digital services, financing investment and infrastructure projects. All this is positively reflected in current Moody’s rating.

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