The international rating agency Standard & Poor’s affirmed long- and short-term counterparty loan ratings of B/B in late 2008 for the National Bank of Uzbekistan, a press release read. The rating forecast is stable. Some of the positive factors affecting the ratings were Uzbekistan’s; leading commercial position in international trade and investment, a diversified resource base and a moderate risk of refinancing, as well as adequate capitalization and liquidity. In addition, Standard & Poor’s analysts emphasized a very important role of the National Bank of Foreign Economic Activity in Uzbekistan’s economy in connection with which the bank can receive special state support. Besides, the bank has a well-diversified resource base, the report said. The Standard & Poor’s analysts said that Uzbekistan has avoided the massive withdrawal of customer deposits when the crisis was at its height. Te rating agency’s experts believe that Customers’ funds which amount to 41% of the commitments of the National Bank for Foreign Economic Activity as of 30 September, 2009, are the main resources source of the bank. S&P also noted that the leading position of the National Bank for Foreign Economic Affairs in the sphere of service, increase of the country’s export potential and attraction of foreign direct investments, as well as the competitive advantages of the bank, including a good credit history and long standing business relationships with international banks and export credit agencies. The agency’s analysts stressed that the National Bank is the largest universal bank in Uzbekistan, because one third of total banking system assets fall to its share. State National Bank for Foreign Economic Affairs is the largest bank in Uzbekistan with 90 branches and more than 500 sales posts and a subsidiary bank Asia Invest Bank in Moscow. Besides large companies, target customers of National Bank of Uzbekistan are small enterprises, organizations dealt with microfinance, as well as physical entities. The strategic priorities of the National Bank for 2009-2012 include increasing investment activity in key sectors of the economy, further cooperation with international banks and the completion of preparation for privatization.