Fitch lifts International Bank of Azerbaijan

Fitch Ratings said it upgraded OJSC International Bank of Azerbaijan's long-term issuer default rating to B from B- and viability rating to b from b-.

The outlook is positive.

“The upgrades reflect a moderation of risks stemming from the bank's unhedged short open currency position (OCP), which nevertheless still weighs on IBA's performance and capitalization,” Fitch said in a news release.

“We believe that IBA's capital buffer is sufficient to withstand a severe currency shock, given the significant cushion of IBA's regulatory tier 1 capital ratio over the statutory minimum.”

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