The agency Fitch Ratings on October 8 downgraded Anor bank's long-term ratings in foreign and national currencies Anor bank from «CCC+» to «CCC». The assessment of its own financial stability was reduced from «ccc+» to «ccc».

All ratings have been placed on Rating Watch Negative — indicating a possibility of further negative revision.

Reason for downgrade

The agency cited risks associated with the bank's principal shareholder Kakhramonjon Olimov, who was placed on Interpol's international wanted list in late September.

According to Fitch's assessment, this situation increases uncertainty around capital attraction plans and raises the likelihood that the bank will fail to meet its targets.

Capital condition

The key issue remains unchanged. According to the agency, at the end of 2025, the bank's core capital under Fitch's methodology was 0.9% of risk-weighted assets — among the lowest indicators among rated banks worldwide.

The regulatory capital adequacy ratio for Tier 1 capital stood at 13% against a minimum requirement of 12% — the difference reflects the agency's more conservative methodology.

Additional risks

Fitch warns of possible reputational consequences: the current situation could weaken counterparties' and clients' confidence, worsen the bank's market position, reduce profitability, and complicate funding attraction.

The agency allows for further rating downgrades if liquidity deteriorates significantly. In case of loss of viability, the rating could be reduced to «f» level.

Bank's response: additional share issuance of 100 billion som

The following day, the bank announced steps to address the factors that triggered the downgrade.

Shareholders at a general meeting on October 5 approved an additional share issuance of 100 billion som.

The key statement: implementation of the capitalization plan should no longer depend on circumstances related to an individual shareholder. This very dependence was what Fitch cited as a source of uncertainty.

The organization is currently undergoing procedures necessary for actual capital increase.

Resignation from supervisory board

On October 2, Olimov submitted a resignation letter from the supervisory board. The matter will be considered at a general shareholders' meeting on October 28.

The bank stated that it continues operating normally, fulfills obligations to clients, and will keep the market informed about progress on key plan milestones.

What is known about liquidity

The Central Bank previously confirmed the bank's compliance with prudential requirements:

  • share of highly liquid assets — 16.9% against a minimum of 10%;
  • liquidity coverage ratio — 116% against a requirement of 100%;
  • net stable funding ratio — 128% against a requirement of 100%.

Liquidity is the metric that Fitch intends to monitor closely: the agency links possible further downgrades to its significant deterioration.

What depositors should know

Individual deposits in the republic are protected by a guarantee system up to the statutory limit. This protection applies regardless of the organization's rating and capital condition.

For amounts exceeding the limit, the basic recommendation remains constant: distribute funds among several banks. This rule applies in any market situation, not just for specific organizations.

When comparing deposit rates, it is worth looking at stability indicators — capital adequacy, share of problem loans, liquidity ratios. They are published monthly by the regulator and available in open sources.

This material is for informational purposes only and is not an investment recommendation.