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Moody's downgrades Ziraat Bank Uzbekistan

Moody's on June 11 downgraded JSC Ziraat Bank Uzbekistan's long-term local-currency deposit rating to B2 from B1, its adjusted baseline credit assessment to "b2" from "b1" and long-term counterparty risk assessment to B1(cr) from Ba3(cr).

The said ratings, along with the bank's B2 long-term foreign-currency deposit rating, were also placed on review for further downgrade.

The rating actions reflect similar actions on the bank's parent, Turkey-based T.C. Ziraat Bankasi AS, which was prompted by a deteriorating operating environment in the country.

Meanwhile, Moody's affirmed Ziraat Bank Uzbekistan's Not Prime short-term deposit ratings and Not Prime (cr) short-term counterparty risk assessment. The bank's "b3" baseline credit assessment was unaffected.

Moody's noted that Ziraat Bankasi's capacity to provide support to the subsidiary has declined, although it still incorporates a high probability of support in Ziraat Bank Uzbekistan's long-term deposit ratings.