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Fitch assigns Uzbekistan-based Qishloq Qurilish Bank ratings

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Fitch assigns Uzbekistan-based Qishloq Qurilish Bank ratings

Fitch Ratings on Aug. 13 assigned Joint-Stock Commercial Bank Qishloq Qurilish Bank” BB-/B long- and short-term foreign- and local-currency issuer default ratings, with stable outlooks on the long-term ratings.

The agency also assigned the Uzbek bank a "b" viability rating, a 3 support rating, and a BB- support rating floor.

The ratings reflect the agency's assessment of a moderate probability of support for the bank from Uzbekistan. The Uzbek state owns a 97% stake in the bank, Fitch noted.

The bank's viability rating is influenced by a challenging operating environment in the country, rapid loan growth and potential deficiencies in underwriting standards, the agency added.

Qishloq Qurilish Bank reported impaired loans corresponding to 2.7% of gross loans at the end of 2018. However, its asset quality figures are distorted due to annual loan growth of more than 30% over the past four years, according to the Fitch report.