Strong capitalization. Experienced management team. Weak business position, with marginal market share in the Uzbek banking market. High balance sheet concentrations and weak business diversity. Unseasoned loan portfolio and short track record. The positive outlook on Ravnaq-bank reflects our view that the bank is likely to improve its business position in the next 12-18 months since its resumption of lending activities and retail deposit collection. Regaining a foreign currency license may significantly support the bank's business expansion and earning capacity. In addition, we expect the bank to maintain strong capitalization and adequate liquidity. We might consider raising the rating if the bank improved its business diversity and the quality of its revenue base, while continuing to gradually advance its risk
