Uzbekistan-Based Ravnaq-bank Upgraded To 'B-/B' On Increased Share Capital; Off CreditWatch; Outlook Stable S&PGR Upgrades Ravnaq-bank To 'B-/B'; Off Watch; Otlk Stable Ravnaq-bank (Ravnaq) received significant capital investments from its beneficiary shareholder, substantially improving its capitalization and enabling it to meet the regulatory requirement for the minimum amount of authorized capital. We are therefore raising the bank's ratings to 'B-/B' from 'CCC+/C' and removing them from CreditWatch with developing implications. The stable outlook reflects our view that Ravnaq's increased capital buffers and the owners' commitment to support the bank if necessary, mitigates risks related to the bank's relatively aggressive liquidity policy and fast growth strategy. On March 5, 2019, S&P Global Ratings raised to 'B-/B' from 'CCC+/C' its long- and
