(Read the full text of the report on fitchratings.com)

Fitch Ratings has affirmed Uzbekistan’s Microcreditbank’s (MCB) long-term Issuer Default Ratings (IDRs) at ‘BB-’ with a Stable Outlook and Viability Rating (VR) at ‘b-’.

The rating agency said that the long-term IDRs of MCB were driven by a moderate probability of support from the government of Uzbekistan (BB-/Stable) as reflected by a Support Rating (SR) of ‘3’ and a Support Rating Floor (SRF) of ‘BB-’.

“This view is based on the bank’s majority state ownership, an important role in the government’s economic and social policy, the low cost of potential support relative to the sovereign’s international reserves, and a record of capital and liquidity support,” Fitch said.