Tashkent, Uzbekistan, Dec. 20
By Demir Azizov - Trend:
Standard & Poor's Ratings Services said today it withdrew its long- and short-term counterparty credit ratings on Uzbekistan-based Samarkand Bank, which we had previously suspended, S&P said today.
"The rating withdrawal reflects that S&P has no sufficient and reliant financial information to continue surveillance," according to the report.
S&P had previously suspended the ratings on Samarkand Bank on June 12, 2013, owing to a lack of satisfactory and timely information.
"S&P still does not have enough qualitative and quantitative information to reinstate the ratings and resume appropriate surveillance," according to the report.
The ratings were 'CCC/C' before suspension, and the outlook on the long-term rating was stable, S&P said.
Samarkand bank was established in December 2000 as a private closed joint-stock commercial bank. It was converted into an open joint stock commercial bank in October 2008. The head office of the bank is located in Samarkand.
As of early 2011, the bank's assets amounted to 36.1 billion soums, the authorized capital - 21.9 billion soums. The recent data are not available.
The official exchange rate is 2.199.93 soum/$1 on Dec. 20.