In our opinion, Uzbekistan-based Ravnaq-bank has a weak business position, strong capital and earnings, a weak risk position, below average funding, and adequate liquidity. We are assigning our 'CCC' long-term and 'C' short-term counterparty credit ratings to Ravnaq-bank. The positive outlook reflects potential improvement in Ravnaq-bank's commercial franchise since the ban on active operations was lifted in November 2012 and once resumption of retail deposit collection starts in February 2013, while maintaining strong capitalization. On Dec. 21, 2012, Standard&Poor's Ratings Services assigned its 'CCC' long-term and 'C' short-term counterparty credit ratings to Uzbekistan-based Ravnaq-bank. The outlook is positive. The ratings reflect the 'b+' anchor for a bank operating primarily in Uzbekistan, as well as Ravnaq-bank's "weak" business position,
