Main positive factors, impacting NBU rating, are leading commercial position in international trade and investment, diversified resource base and moderate refinancing risk, as well as adequate capitalization and liquidity.

Standard & Poor’s underlined important role of NBU in economy of Uzbekistan and in connection with this it has high probability to receive extraordinary state support.

At the same time, the bank has good diversified resource base. As of 30 September 2009, 41% of resource base is deposits of legal entities and 24% - foreign loans, issued mainly by export credit agencies and banks, Standard & Poor’s said.

The bank capitalization is sufficient. The agency said ratio of corrected own capital to corrected assets in 2009 is on acceptable level – 14%. Liquidity level is high due to effective assets and liability management.

Deposit base is stable and characterized with sufficient level of trust by the clients. The agency underlined that Uzbekistan avoided mass withdrawal of deposits by clients during crisis period.

Customer resources, which make up 41% of the bank’s liabilities as of 30 September 2009, are main source of NBU’s resources. Two thirds of them were current accounts and deposits on demand of the large enterprises, state and budget organizations.

Balance on individuals accounts made up 20% of client resources and it is rising after introduction of saving deposits for children and term multicurrency deposits.

The agency underlined the leading position of the NBU in serving foreign economy activity and improving export potential of the country and attracting foreign direct investments, etc.