TASHKENT, March 14 (Xinhua) -- International credit rating agency Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) at "BB" in both foreign and local currencies, with a stable outlook.
In a report released by the agency on Friday, Fitch noted that the IDRs reflect the potential for state support, which is anchored by a Government Support Rating (GSR) of "BB." This alignment with Uzbekistan's sovereign rating is driven by the bank's full state ownership, its systemic importance, and its key role in implementing government policy.
The bank's Viability Rating (VR) was also maintained at "B+." The agency highlighted that the "B+" VR exceeds the operating environment score by one notch, supported by the bank's dominant market position, strong profitability, capitalization, and adequate liquidity.
As of the end of 2025, the NBU remained the country's largest bank, accounting for 16 percent of the total assets in the banking sector.
Fitch indicated that the bank's ratings remain sensitive to changes in Uzbekistan's sovereign rating and the government's ability to provide support. Future upgrades would depend on improvements in the operating environment and the maintenance of a stable financial profile.
