Fitch Ratings has affirmed Uzbekistan’s commercial mortgage bank Ipoteka-Bank’s long-term Issuer Default Ratings (IDRs) at ‘BB-’ with Stable Outlooks.

The agency has also affirmed the bank’s Viability Rating (VR) at ‘b’.

Ipoteka’s IDRs reflect Fitch’s view of a moderate probability of support from the government of Uzbekistan in case of need, as reflected by the bank’s Support Rating (SR) of ‘3’ and Support Rating Floors (SRF) of ‘BB-’.

“This view is based on the bank’s majority state ownership, moderate systemic importance, current role in the government’s economic and social policy, the low cost of potential support relative to sovereign international reserves and a record of capital and liquidity support from the state,” the rating agency said.

Ipoteka is included in the list of banks to be privatised in Uzbekistan in the medium term.