In our view, Ravnaq-bank is making significant progress in achieving a resilient and potentially stable franchise and strengthening its customer and funding bases. We are therefore revising our outlook on Ravnaq-bank to positive from stable and affirming our 'CCC+/C' ratings. The positive outlook incorporates our view that over the next 12 months the bank will likely sustain positive developments in funding and continue expanding its customer base and strengthening its franchise. On Dec. 15, 2016, S&P Global Ratings revised its outlook on Uzbekistan-based Ravnaq-bank to positive from stable. We also affirmed out 'CCC+/C' long- and short-term counterparty credit ratings on the bank. The outlook revision to positive reflects our view that Ravnaq-bank has demonstrated clear signs of business recovery since
