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Fitch assigns ratings to Uzbekistan-based Xalq Banki

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Fitch assigns ratings to Uzbekistan-based Xalq Banki

Fitch Ratings on Aug. 14 assigned Xalq Banki JSC BB- long-term foreign- and local-currency issuer default ratings, with stable outlooks.

The Uzbek bank was also assigned short-term foreign- and local-currency issuer default ratings of B, a support rating of 3 and a support rating floor of BB-.

The ratings reflect the agency's view of a moderate probability of state support for Xalq, given its exclusive policy role as a pension and social distribution agent of the government.

The bank, which ranks as the sixth-largest in the country, is highly dependent on state support and capital to maintain high growth and offset the losses it booked in 2017 and 2018, the agency noted.