Moody's rates Asaka Bank E+

Moody's Investors Service said it assigned to State Joint-Stock Commercial Bank "Asaka" (Asaka Bank) a bank financial strength rating of E+, long-term and short-term local-currency deposit ratings of B1/not-prime and long-term and short-term foreign-currency deposit ratings of B3/not-prime.

The outlook is stable.

The ratings reflect the bank's entrenched market positions, especially in the corporate banking sector, in the Republic of Uzbekistan, its expanded geographic national coverage, healthy and recurring income structure and adequate capitalization levels, Moody's said.

The ratings are constrained by the high concentration of the bank's assets and liabilities, the agency said.

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