S&P downgrades Pasha Bank

S&P said it lowered its long-term issuer credit rating on Pasha Bank to B+ from BB-. The outlook is stable.

“The downgrade reflects our view that Pasha bank's credit profile has deteriorated over the past year due to sustained pressure on its capitalization and higher share of problem loans than we previously anticipated. Furthermore, contrary to our previous expectations, over the past three years the bank's rapid business growth has not led to a material improvement in customer diversity comparable with that of major peers in the region,” S&P said in a press release.

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