Moody's ups AsiaUniversalBank to Caa1

Moody's Investors Service said it upgraded the long-term foreign- and local-currency deposit ratings of AsiaUniversalBank to Caa1 from Caa2 and affirmed its bank financial strength rating at E.

The outlook is stable.

The action reflects the strengthening of the bank's domestic franchise in recent years as the largest bank in Kyrgyzstan by total assets and shareholders' equity, Moody's said.

The upgrade also takes into account the company's potential to further strengthen its market position due to its enhanced customer reach through a sizable branch network, the agency said.

The ratings remain constrained by the poorly diversified nature of its core business and revenue generation, Moody's added.

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