2008

On 25th June 2008 “Asaka” Bank was awarded international rating by “Fitch Rating” Rating Agency:

Long-term issuing default rating (“IDR”) – “B”
“Stable” forecast
Short-term IDR – “B”
Backing rating – “4”
Level of rating backing – “B”
Individual rating – “D/E”

2009

On 18 of June, 2009 International Rating Agency Moody's Investors Service has assigned the following global scale ratings to State Joint-Stock Commercial Bank «Asaka»:

Long Term/Short Term local currency deposit rating – B1 / Not Prime
Long Term/Short Term foreign currency deposit rating – B3 / Not Prime
Bank Financial Strength Rating (“BFRS”) – E+
All rating carry a stable outlook.

According to the Moody’s, Asaka Bank’s ratings reflect the bank’s entrenched market position (especially in the corporate banking sector) in the Republic of Uzbekistan, its relatively expanded geographic national coverage, healthy and recurring income structure and adequate capitalization levels, as well as the bank’s established partnership with a diverse number of international financial institutions.

On 17 of December, 2009 as a result of its reassessment of the Uzbek government’s ability to support local banks, Moody’s has also taken the following additional actions, some of which affect the foreign and local currency ratings of the some Uzbek banks, including Asaka Bank:

— Long-term local currency deposit rating was upgraded to Ba3 from B1
Long-term foreign currency deposit rating was upgraded to B2 from B3
The E+ BFSR and Not Prime short-term deposit ratings remain unchanged
Stable outlook is maintained on all of the ratings.

2010

Moody’s Investor Service Ltd. international rating agency has confirmed the following ratings of Asaka state joint-stock commercial bank:

financial stability at E+
bank deposits in national currency — Ba3/NP
bank deposits in foreign currency — B2/NP
all with stable outlook.

As reported earlier, the rating actions in respect of Asaka bank had been taken on 17 December 2009, when Moody’s raised the bank’s local and foreign currency deposit ratings.