Substantial capital buffer due to capital increase. Unpredictable and difficult operating and competitive environment in Uzbekistan, especially for small, privately owned banks. Weak competitive position, with marginal market share. Track-record of rapid lending growth, which potentially adds to credit risk. High balance sheet concentrations and weak business diversity. The stable outlook reflects our view that Ravnaq-bank's increased capital buffers and the owner's commitment to support the bank if necessary, mitigate risks related to the bank's relatively aggressive liquidity policy, concentrated deposit base, and business expansion in the challenging operating environment over the next 12-18 months. We could consider a negative rating action over the next 12-18 months if we see deterioration of the bank's funding and liquidity profile, leading us
