Moody's lowers Bank of Azerbaijan

Moody's Investors Service said it downgraded global scale ratings of International Bank of Azerbaijan.

Specifically, the agency lowered the bank's long-term local currency deposit rating to Ba3 from Ba1, its long-term foreign currency deposit rating to Ba3 from Ba2, its long-term foreign currency senior unsecured debt rating to Ba3 from Ba1 and its long-term foreign currency subordinated debt rating to B1 from Ba2.

Concurrently, Moody's said it affirmed the bank's standalone bank financial strength rating of E+, which is equivalent to a standalone credit assessment of b3.

The outlook on long-term ratings and the bank financial strength rating is negative.

Moody's said its rating action is largely based on International Bank of Azerbaijan's audited financial statements for 2011 and the first six month of 2012.

The downgrade of International Bank of Azerbaijan's supported ratings to Ba3 is also driven by Moody's assessment of a reduced probability of systemic support for the bank to high from very high.

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