OREANDA-NEWS. July 20, 2009. Step-by-step and purposeful course of stable development of the economy, made by the President of Uzbekistan Islam Karimov, is continuing to prove its competence.

In spite of unfavorable impact of world financial economic crisis, the country still have the tendency for stable economic growth and macroeconomic stability, including the development of bank financial system.

Getting international ratings on crediting capacity by commercial banks is provided in correspondence with Program of deepening of the reforms and development of bank system of the Republic of Uzbekistan on 2007-2010, approved by the Decision of President "On measures to further develop bank system and implicate free cash assets into bank turnover".

"The presence of international rating is a very important factor for financial institutes in the whole world. Such kind of indicator of reliability increases the trust of clients, partners and investors before the bank", the head of marketing and advertisement department of Uzpromstroybank Umid Yusupov said.

In 2008 international rating agency Fitch Ratings assigned Uzpromstroybank with the following ratings: long term rating of issuer default (RDE) "B-", short term RDE "B", individual rating "D/E', rating for support "5" and level for supporting of short termed RDE "B".

All ratings acquired "Stable" prediction. Carrying out the procedures of rating assignment was including the analyses of results of financial activity on 2007, the estimation of current financial conditions, assets quality, and also development prospects of Uzpromstroybank.

During one of these days international rating agency Fitch Ratings, carrying out annual estimation of Uzpromstroybank activity by the results of 2008 and first half year of 2009, made a decision on increasing its credit rating.

Long term rating of issuer default (RDE) was increased to level "B", rating on supporting, to level "4", "Stable" prediction, which is the highest value for international ratings on crediting capacity for Uzbek banks.

The level of assigned rating expresses the estimation of authorized organization in reference to Uzpromstroybank, as a bank having effective financial activity, and able for execution of its obligations in time.

"The increase of Uzpromstroybank ratings is conditioned by constant support by the management of the country, and also by positive changes in macroeconomic environment. These ratings are not only representing the work of the bank, but also display the economic development of the country", Umid Yusupov noted.

"In the situation of decrease of ratings of banks in all over the world, the increase of Uzpromstroybank ratings became a striking illustration of growth of the economy of Uzbekistan, and also reliability of its financial economic and bank systems".

Special programs, directed on support of real sector, increase of bank capitalizations, development of production and social infrastructure and creation of new work places are carried out for neutralization of the effect of world economic crisis in the country.

At the same time, the attention is deserved by measures on maintenance of stable development during post-crisis period. This program consists of 300 various projects, directed on updating of real sector of the economy: development of innovative technologies, equipment with new technological equipment.

"Realization of the specified measures is a priority direction in activity of Uzpromstroybank. The bank expands scales of its investment activity, actively take part in programs of modernization, technical and technological development of productions in oil and gas, energetic, chemical and other branches of real sector of the economy", Umid Yusupov added.