Currently, the bank is experiencing and will continue to experience pressures on profitability and capital due to weak asset quality and rising costs for reserves’ formation. Additional accrual of provisions will have a negative impact on the bank's financial performance and an infusion of additional capital will be necessary.  The observed negative trend in the outflow of clients' funds and high share of foreign currency loans are additional risk factors for the bank. Therefore, we are lowering our recommendation (to BUY) Eurobonds of the Bank to Hold. We plan to revise our recommendation when certainty emerges in the possible support of ATF Bank's capital by the state and/or the controlling shareholder. 

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