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S&P affirms ratings of Uzbekistan’s bank at 'B-/B’

10 December 2019

Standard and Poors' (S&P) Global Ratings said today that it affirmed its 'B-/B' long- and short-term issuer credit ratings on Uzbekistan's Ravnaq-bank, the outlook is stable, Trend reports citing S&P.

"Ravnaq-bank's significant capital injection from its owners, together with moderated lending growth, led to a stronger capital buffer than we previously anticipated," S&P reported.

However, the bank's credit standing is held back by limited earnings capacity versus local peers' and by historical performance volatility.

"The outlook is stable because we believe the increased capital buffers and owners' commitment to support the bank if necessary mitigate risks related to the bank's relatively aggressive liquidity policy and business expansion in the challenging operating environment over the next 12-18 months," S&P added. S&P could consider a negative rating action over the next 12-18 months in case of further deterioration of the bank's funding and liquidity profile. Significant asset quality deterioration could also result in a negative rating action.

"An upgrade is remote in our view, and would hinge upon a visible improvement of the sustainability of the current business model and strengthening of the bank's funding and liquidity profiles," S&P reported.

In addition, the bank would need to provide more transparent disclosure of asset quality in line with International Financial Reporting Standard No. 9, read the message.