Moody's affirms Eurasian Bank

Moody's Investors Service said it affirmed Eurasian Bank's B1 long-term foreign-currency deposit ratings, Not Prime short-term foreign-currency bank deposit rating, B1 local-currency senior unsecured debt rating and B2 local-currency subordinated debt rating.

The affirmation of Eurasian Bank's ratings with a negative outlook is based on the bank's audited financial statements for 2010 prepared under IFRS and its Q1 2011 unaudited results prepared under the local GAAP, the agency said.

The affirmation reflects the fact that despite some recent positive developments in the bank's financial fundamentals, the bank remains vulnerable to risks of asset quality deterioration and high borrower concentration that Moody's will continue to monitor closely in the next 12 to 18 months, the agency added.

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