Standart & Poors upgraded ORIENT FINANS Bank's rating to "B+" with a Stable outlook

The increase in the credit rating of Orient Finans from "B" to "B+" with a Stable outlook reflects the steady low rates of expenses for the formation of reserves and distressed assets in the context of a pandemic, as well as balanced capital management.We quote S&P Global Ratings - "Despite the fact that Orient Finans is not owned by the state and has a small market share, it has access to a wide base of corporate clients and is involved in financing large projects initiated by the Cabinet of Ministers - unlike other Uzbek banks of small and medium size. We note that these projects are mainly characterized by good credit quality.""We assess the liquidity indicators of Orient Finance as "adequate". As of March 1, 2021, the share of liquid assets was about 21.5% of total assets, which is higher than the indicators of comparable Uzbek banks. Over the past few months, we have not noted any cases of significant funding volatility." The Stable forecast reflects the opinion that in the next 12-18 months, high capital reserves and a good ability to generate profit will support the credit characteristics of Orient Finans.Analysts of the leading rating agency S&P Global Ratings separately note the stability of the indicators of the banking sector of Uzbekistan to the consequences of COVID-19. It was also noted that the consequences of the COVID-19 pandemic remain manageable for the economy of Uzbekistan. The support measures provided by the Government of Uzbekistan have helped to reduce the stressful consequences for the economy and households of the country.