Fitch lowers International Bank of Azerbaijan

Fitch Ratings said it downgraded International Bank of Azerbaijan's long-term issuer default rating to BB from BB+ and removed the rating from Rating Watch negative.

The outlook is stable.

The agency also said it upgraded the bank's viability rating to B- from F. Its short-term foreign-currency issuer default rating was affirmed at B.

The downgrade reflects the company's continued track record of limited capital support from the Azerbaijan's authorities, Fitch said.

The agency said support in 2012 has continued to be slow, limited in volume and skewed toward tier 2 capital instruments with weak loss absorption capacity.

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