OREANDA-NEWS. December 25, 2009. Moody's Investors Service took rating actions affecting Asaka Bank's long-term local currency deposit rating. It was upgraded to Ba3 from B1. Long-term foreign currency deposit rating of the bank was upgraded to B2 from B3.

The bank's E+ BFSR and Not Prime short-term deposit ratings remain unchanged; stable outlook is maintained on all of the ratings.

Moody's previous rating action on Asaka Bank was on 18 June 2009 when Moody's assigned first-time ratings of B1/NP/E+ to the bank.

Headquartered in Tashkent, Uzbekistan, Asaka Bank reported total IFRS assets of US1.067 billion and net income for that year was US 15.7 million as at 31 December 2008.

The principal methodologies used in rating are Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007.