Moody's rates Commercial Bank B2

Moody's Investors Service said it assigned first-time B2 long-term and not-prime short-term local-currency deposit ratings and an E+ bank financial strength rating to Open Joint-Stock Commercial Bank.

The outlook is stable.

The ratings reflect the bank's strong corporate governance and risk management standards and sound financial fundamentals to date, Moody's said.

The rating is constrained by the bank's limited franchise both in retail and corporate segments and high dependence on a handful of names in customer funding together with hefty credit risk concentrations and overall insufficiently stable operating environment in Uzbekistan, the agency said.

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