Adequate capitalization. Experienced management team. Weak competitive 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. Risky operating environment for banks in Uzbekistan. The positive outlook reflects our view that Ravnaq-bank could improve its earnings and funding profiles in the next 12-18 months. Obtaining a foreign currency license could allow the bank to strengthen ties with its clientele and support its funding profile. A license might also prompt the bank to expand its operations in the foreign trade segment of the market. We might consider raising the rating if the bank managed to improve the granularity of its funding profile by boosting ties with
