Standard & Poor’s revises its outlook on Samarkand Bank

Tashkent, Uzbekistan ( -- Standard & Poor’s Ratings Services said today it had revised its outlook on Uzbekistan-based Samarkand Bank to stable from positive and affirmed its ‘CCC/C’ long- and short-term counterparty credit ratings on the bank. We then suspended the ratings on Samarkand Bank because of a lack of timely information to maintain appropriate surveillance.

“The outlook revision reflects our view of the now reduced probability of an upgrade of Samarkand Bank, given that the flow of information from the issuer is insufficient,” the rating agency said.

“The ensuing suspension of the ratings reflects Standard & Poor’s lack of receipt of timely information that it considers to be of satisfactory quality from the issuer, in accordance with its applicable criteria and policies. In particular we have not received Samarkand Bank’s recent financial statements or any other information related to the bank’s current or prospective activities,” Standard & Poor’s noted.

“We may reinstate the ratings on Samarkand Bank after the receipt and analysis of the information we need to maintain the ratings, and if we believe such information will be supplied on an ongoing basis. If we do not receive sufficient and reliable information to maintain surveillance on the ratings within the next six months, we will withdraw the ratings,” the agency concluded.

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