The raiting outlook is negative.
“The affirmation reflects our view that PASHA Bank still has a sound market position and strong capital buffer, which could provide some protection against the tough market conditions,” the agency said.
“We also consider that the bank has high importance in the domestic banking sector and therefore may receive extraordinary government support if needed,” the statement said. “Rating weaknesses include a worsening loan loss track record and uncertainties regarding the bank's future NPL levels, highly concentrated loan book, and funding base.”
S&P said a negative rating action can be taken in the next 12 months, if bank’s asset quality deterioriates.
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