Rating agency RAEX (Expert RA) has revised its outlook for Ankor Bank's creditworthiness rating from stable to developing, which means the equal likelihood both of the rating being affirmed at the current level and its revision over the medium term.

The bank's rating remained unchanged (B++), which corresponds to "the acceptable level of creditworthiness". The rating was put on credit watch.

The bank's creditworthiness is under pressure from a contraction in its short-term liquidity cushion (N2 equals 22.4% as of April 1, highly liquid assets account for 2.5% of the bank's assets, which is considered as a very low level), the agency's analysts noted. Furthermore, the bank's inability to meet its plans to restore its liquidity cushion and raise profitability could put pressure on the rating, which determines the 'developing' outlook, RAEX said in a press release.