Ample liquidity buffer. Unpredictable and difficult operating and competitive environment in Uzbekistan, especially for small, privately owned banks. Weak competitive position, with marginal market share. Rapid lending growth amid new exchange rate environment, which potentially adds to credit risk. High balance sheet concentrations and weak business diversity. The developing outlook indicates that over the next 12 months we could affirm, raise, or lower our ratings on Ravnaq-bank, depending on the bank's ability to increase its authorized capital to the new minimum requirement of Uzbekistani sum (UZS) 100 billion by the beginning of 2019. We could lower the ratings over the next 12 months if the controlling shareholder appears unwilling or unable to provide sufficient capital support to allow Ravnaq-bank to
