All banks in Uzbekistan are required to have authorized regulatory capital of at least Uzbek sum (UZS) 100 billion from Jan. 1, 2019, according to a presidential decree. As of Dec. 4, 2018, Ravnaq-bank's capital was just below this figure, at UZS84 billion. We are therefore placing our 'CCC+/C' ratings on CreditWatch with developing implications. We aim to affirm, raise, or lower our ratings on Ravnaq-bank in the next few weeks, depending on the bank's compliance with the requirement to increase its authorized capital to the new minimum requirement. On Dec. 7, 2018, S&P Global Ratings placed its 'CCC+/C' long- and short-term issuer credit ratings on Uzbekistan-based Ravnaq-bank on CreditWatch with developing implications. The CreditWatch placement reflects our view that
