S&P lowers Ravnaq-bank view to stable

Standard & Poor’s said it affirmed the CCC long-term and C short-term counterparty credit ratings on Ravnaq-bank.

The agency also said it revised the bank’s outlook to stable from positive.

In 2014, the bank did not obtain the foreign-currency license or permission to open a new branch in Tashkent, the capital city of Uzbekistan, S&P said.

The outlook revision largely reflects an opinion that the bank may face additional difficulties in achieving these targets, the agency said, and these plans were considered crucial for further development of the bank’s business position.

The ratings also consider the bank’s vulnerability to operating conditions in Uzbekistan, S&P added.

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