We expect Ravnaq Bank's capitalization will decline due to low core profitability and increased provisioning needs. At the same time, we see a gradual improvement in the bank's asset quality metrics, supported by repayment of large problem loans and limited new problem assets We also note the bank's opportunistic liquidity management, although its liquidity position is somewhat more stable than in the past few months. As a result, we have affirmed our ratings on Ravnaq Bank at 'B-/B'. The negative outlook reflects the bank's still high amount of problem loans, low earnings, high loan concentrations, and liquidity fluctuations. On Dec. 7, 2021, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on Uzbekistan-based Ravnaq Bank (Ravnaq). The outlook remains
