In our opinion, Uzbekistan-based Ravnaq-bank has a weak business position, strong capital and earnings, a weak risk position, below average funding, and adequate liquidity. We are assigning our 'CCC' long-term and 'C' short-term counterparty credit ratings to Ravnaq-bank. The positive outlook reflects potential improvement in Ravnaq-bank's commercial franchise since the ban on active operations was lifted in November 2012 and once resumption of retail deposit collection starts in February 2013, while maintaining strong capitalization. MOSCOW (Standard&Poor's) Dec. 21, 2012--Standard&Poor's Ratings Services said today that it had assigned its 'CCC' long-term and 'C' short-term counterparty credit ratings to Uzbekistan-based Ravnaq-bank. The outlook is positive. The ratings reflect the 'b+' anchor for a bank operating primarily in Uzbekistan,
