Moody's assigned first-time ratings to

Moody's said July 14 that it assigned local and foreigncurrency issuer ratings of Ba3/NP and a standalone baseline credit assessmentof "b1."

The outlook on the ratings is stable.

The ratings incorporate the bank's strong card business,healthy capital levels, sound liquidity and funding management. The ratingagency also took into account the bank's weak track record in asset quality.The bank's asset quality has deteriorated since 2011, with its nonperformingloan ratio at 7.58% as of the end of 2015.

The rating agency may upgrade the bank's ratings if itsasset quality significantly improves. On the other hand, further deteriorationin asset quality may lead to a ratings downgrade. A decline in the bank's netinterest margins may also put downward pressure on the ratings.