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Moody's acts on Tajikistan's Bank Eskhata

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Moody's acts on Tajikistan's Bank Eskhata

Moody's on Dec. 1 affirmed OJSC Bank Eskhata's B3/Not-Prime long- and short-term local-currency deposit ratings and Caa1/Not-Prime long- and short-term foreign-currency deposit ratings and revised the outlook on the long-term ratings to stable from negative.

The rating agency also upgraded the Tajikistan-based bank's long-term counterparty risk assessment to B2(cr) from B3(cr).

The bank's "b3" baseline credit assessment and adjusted baseline credit assessment and Not-Prime(cr) short-term counterparty risk assessment were affirmed.

The outlook revision is based on the expected improvement in the bank's asset quality, as the negative impact from the Tajik somoni depreciation and lower workers' remittances from Russia have already materialized in the lender's financial metrics. The outlook change to stable also reflects the expected improvement in the bank's profitability, due to the lower cost of risk and higher remittance going forward.