A new presidential decree requires all banks in Uzbekistan to have authorized regulatory capital of at least Uzbek sum (UZS) 100 billion (about $12 million on Nov. 9, 2017) from Jan. 1, 2019. In our view, Ravnaq-bank is unable to comply with the new requirement without injections from shareholders, whose ability to provide the additional capital we consider uncertain. We are therefore revising our outlook on Ravnaq-bank to developing from positive, and affirming our 'CCC+/C' ratings. The developing outlook indicates that over the next 12 months we could affirm, raise, or lower our ratings, depending on the bank's progress and ability to meet the new capital requirement and potential regulatory actions, which are currently unclear. On Nov. 13, 2017, S&P
