Uzbekistan-based Ravnaq-bank did not obtain a foreign currency license or permission to open a new branch in 2014, resulting in slower-than-expected business growth. We believe that Ravnaq-bank's business and financial profiles are vulnerable to changes in operating environment. We are consequently affirming our 'CCC/C' ratings on Ravnaq-bank and revising the outlook to stable from positive . The stable outlook reflects our opinion that Ravnaq-bank may experience additional difficulties in obtaining a foreign currency license and opening a new branch in Tashkent, which are crucial for further development of the bank's business position. On Dec. 24, 2014, Standard&Poor's Ratings Services affirmed our 'CCC/C' long- and short-term counterparty credit ratings on Uzbekistan-based Ravnaq-bank. At the same time, we revised the
