S&P withdraws Uzbekistan-based Amirbank ratings

Photo: S&P withdraws Uzbekistan-based Amirbank ratings   / Uzbekistan

Tashkent, Uzbekistan, May 28
By Demir Azizov - Trend:

Standard & Poor's Ratings Services had withdrawn its long- and short-term corporate credit ratings on Uzbekistan-based Amirbank, which it had previously suspended.

When S&P suspended them, the ratings on Amirbank were 'CCC/C', and the outlook was stable.

"We have withdrawn the ratings because we have not received sufficient and reliable information to continue surveillance and reinstate the ratings," the agency said. "We suspended the ratings on Amirbank Bank on April 9, 2014, due to the lack of satisfactory and timely information."

It was earlier reported that Standard & Poor's Ratings Services revised its outlook on Uzbekistan-based Amirbank to stable from positive in December 2013. The agency affirmed the 'CCC' long-term and 'C' short-term counterparty credit ratings.

Growth during the first nine months of 2013 was sluggish at 4.8%. This was significantly lower than the bank's planned growth of over 30%. This lag in growth largely stemmed from the bank's prolonged inability to obtain regulatory capital of €5 million and its consequent failure to obtain a foreign currency license, S&P said.

It was reported that the minimum amount of authorized capital of private banks is set at five million euros in Uzbekistan.

Amirbank was established in Samarkand in October 2008. It is among small regional banks. Amirbank's owners are 18 physical and eight legal entities.

As of 2012, the bank's net assets increased by 23.1 percent - up to 27.459 billion soums, the total loan portfolio - by 19.7 percent to 12.776 billion soums, equity - 1.3 times, up to 13.891 billion soums.

The data as of 2013 are not currently available.

The official exchange rate is 2296,43/$ 1 and 3158,92/1 euro on May 28.

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