Moody's cuts Bank of Azerbaijan to Baa3

Moody's Investors Service said it downgraded International Bank of Azerbaijan's long-term and short-term local-currency deposit ratings to Baa3/prime-3 from Baa2/prime-2 and long-term foreign-currency subordinated debt rating to Ba1 from Baa3.

The outlook is negative.

Moody's also said it changed the outlook on the Ba2 long-term foreign-currency deposit rating to stable from positive following the recent change in outlook on Azerbaijan's Ba2 foreign-currency deposit ceiling to stable from positive. Moody's noted that the long-term foreign-currency deposit rating remains constrained by the country ceiling.

The bank's other ratings - short-term foreign-currency deposit rating of not-prime and bank financial strength rating of E+ are not affected by these actions and are affirmed, the agency said.

The bank remains the largest and the only state-controlled bank in the country, Moody's said and enjoys a strategic role and government commitment since it has historically been instrumental in implementing state investment and economic policies.

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