UPSB’s ratings are underpinned by potential support from the Uzbek authorities, Fitch said.

Fitch said given the bank’s important role in servicing state-owned companies, its significant domestic franchise and the close links with government, there would likely be a quite high propensity of the authorities to support UPSB, in case of need.

However, in light of the Uzbek sovereign’s own credit profile, this support cannot be relied upon, Fitch said.

Improvement or deterioration in Uzbekistan’s sovereign risk profile may generate upward or downward pressure, respectively, on UPSB’s ratings, Fitch added.