Adequate level of capital, further supported by expected capital inflows in 2016–2017. Experienced management team. Weak competitive position, with marginal market share. High balance sheet concentrations and weak business diversity. Unseasoned loan portfolio and short track record. Unpredictable and difficult operating and competitive environment in Uzbekistan, especially for small, privately owned banks. The stable outlook on Ravnaq-bank incorporates our view that over the next 12 months the bank will likely improve its business position and funding base thanks to its recently obtained foreign currency license. However, this positive impact will likely be balanced by risks related to a reduction in capital adequacy (based on our measure under Standard&Poor's risk-adjusted capital framework) amid the increasingly complex economic conditions in
