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Global Credit Research - 18 Apr 2011
Moscow, April 18, 2011 -- Moody's Investors Service has today affirmed the standalone E+
bank financial strength rating ("BFSR"), B1/Not Prime
long-term and short-term global local currency (GLC) deposit
ratings of Qishloq Qurilish Bank (QQB). The bank's B2/Not
Prime long-term and short-term foreign currency deposit
ratings were also affirmed. The outlook on the long-term
global scale ratings is stable.
According to Moody's, QQB's standalone E+ BFSR,
which maps to a long-term scale of B3, remains constrained
by (i) its narrow franchise, (ii) relatively high single-sector
and single-product concentrations in the loan portfolio; and
(iii) risks associated with rapid growth and the unseasoned nature of
the loan book. The ratings also reflect QQB's sound financial
indicators, including liquidity and capitalisation.
In 2010, QQB remained focused on implementing a state programme
for developing rural construction and mortgage lending; the latter
contributed over 60% to the bank's loan book and over 40%
to total assets as at YE2010. QQB's near-90%
assets growth in 2010 was mostly financed by long-term deposits
from state funds and timely capital injections, which helped the
bank to protect the maturity match between assets and liabilities,
and to maintain healthy capital adequacy of over 40%. Moody's
views positively the expansion of the bank's franchise; however,
the rating agency notes the risks related to relatively high product and
sector concentrations as well as uncertainty over the bank's strategy
after 2015 when the government programme expires.
At the same time, QQB's GLC deposit rating of B1 received
a two-notch uplift from the bank's long-term scale
based on Moody's assumption of high probability of extraordinary
support from the government in case of distress. In 2009-2010
Moody's saw the evidence of the government commitment to develop
the bank by injecting new capital. Given that the state owns over
75% of QQB, the bank is likely to benefit from access to
capital and liquidity going forward, as it serves socially and economically
PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES
Moody's last rating action on Qishloq Qurilish Bank was on 17 December
2009 -- when Moody's upgraded the bank's GLC deposit
rating to B1 from B2 and global foreign currency rating to B2 from B3
along with a stable outlook.
The principal methodologies used in this rating were "Bank Financial
Strength Ratings: Global Methodology", published in
February 2007, and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology",
published in March 2007.
Domiciled in Tashkent, Uzbekistan, QQB reported -- as
at 31 December 2010 -- total assets of US$430 million,
shareholders' equity of US$106 million and net income of
US$4.2 million, according to unaudited local GAAP.
Asst Vice President - Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Eastern Europe LLC
Moody's affirms B1/NP/E+ ratings of Qishloq Qurilish Bank; stable outlook (Uzbekistan)
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
No Related Data.
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