S&P ups Uzpromstroybank, Ipoteka Bank

S&P said it upgraded the ratings for Uzpromstroybank and Ipoteka Bank to BB- from B+.

“The upgrades follow the president of Uzbekistan’s signing of a decree on Oct. 9, 2019, ‘on priority measures to strengthen financial stability of the banking sector of the Republic of Uzbekistan.’ The decree includes measures to provide substantial capital support to a number of large state-owned banks involved in the financing of strategic industries in the country. A portion of funds provided by the Uzbekistan Fund for Reconstruction and Development (UFRD) to state-owned banks are to be converted into the bank’s capital,” said S&P in a press release.

The outlooks are stable.

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