OREANDA-NEWS. December 28, 2007. Moody's Investors Service said it assigned National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) a bank financial strength rating (BFSR) of 'E+', long and short-term local currency deposit ratings of 'Ba3/Not Prime' and long-term and short-term foreign currency deposit ratings of 'B3/Not Prime' with a stable outlook, Thomson Financial reported.

Moody's said NBU's ratings reflect the bank's strong franchise value within the context of Uzbekistan, where the bank has a dominant share in terms of assets, capital and loans, as well as the bank's utmost importance for the Uzbek economy given its major role in attracting and conducting foreign investments to the country and servicing foreign trade operations.

However, NBU's ratings are constrained by its current low profitability and cost-efficiency, the low diversification of its funding base and a degree of uncertainty relating to the bank's asset quality, as well as its corporate governance and risk management practices, which are currently at the process of development.