Fitch raises Bank of Azerbaijan

Fitch Ratings said it boosted its ratings for the International Bank of Azerbaijan and its $1 billion of 3½% bonds due September 2024 to BB- from B.

“The two-notch upgrade captures the decisive resolution of legacy risks at IBA, following the elimination of its substantial short open-currency position, which Fitch had previously viewed as a significant drag on the bank's ratings,” the agency said in a press release.

In July, the bank resolved its short-currency position of $470 million, or 60% of regulatory capital as of the first quarter of 2022, through purchases of foreign-currency liquidity from the Central Bank of Azerbaijan.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.