S&P upgrades two Uzbekistan banks

S&P said it raised the long-term ratings on National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and KDB Bank Uzbekistan JSC to BB- from B+.

The agency also affirmed the B short-term ratings on the two banks.

The outlooks on both banks are stable.

The actions follow the assignment of BB- and B ratings on the Republic of Uzbekistan, S&P noted.

S&P said it views the sovereign's creditworthiness previously constrained the ratings on the two banks at B+.

The ratings are supported by the government's strong fiscal and external positions, the agency said.

The ratings are constrained by Uzbekistan's low economic wealth as measured by GDP per capita, S&P said.

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