We expect Uzbekistan-based Ravnaq-bank to continue to expand its balance sheet fast over the next year, putting pressure on its capitalization. At the same time, the bank has increased its operations from last year's marginal levels, and its improved business standing and resulting higher quality and sustainability of revenues are offsetting our projected decline in capital adequacy ratios. We are therefore affirming our 'CCC/C' ratings on Ravnaq-bank. The positive outlook continues to reflect our view that the bank's financial profile might improve in the next 12-18 months, especially its earnings and funding profiles, if it obtains a foreign exchange license. On Dec. 20, 2013, Standard&Poor's Ratings Services affirmed its 'CCC/C' long- and short-term counterparty credit ratings on Uzbekistan-based
