Moody's rates Ipak Yuli E+ BFSR

Moody's Investors Service said it assigned a standalone E+ bank financial strength rating and B2/Not Prime long-term and short-term global local and foreign currency deposit ratings to Joint Stock Innovation Commercial Bank Ipak Yuli which operates in the Republic of Uzbekistan.

The outlook is stable.

According to Moody's, Ipak Yuli's E+ bank financial strength rating, which maps to a standalone credit assessment of B2, and B2 deposit ratings are constrained by: (a) high single-name concentration whereby the aggregate credit exposure to the top five borrowers amounted to 77% of the bank's Tier 1 capital as at Jan. 1, 2012; (b) the unseasoned nature of the bank's rapidly growing loan portfolio that grew 48% in 2011; and (c) immobilization of a large proportion of the bank's capital in real estate holdings, although these assets comprise the office buildings used for Ipak Yuli's core banking activities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.