Moody's: Bank of Azerbaijan view positive

Moody's Investors Service said it changed the outlook on the following global scale ratings of International Bank of Azerbaijan to positive from stable: Ba3 long-term local and foreign currency deposit ratings, Ba3 long-term foreign currency senior unsecured debt rating and B1 long-term foreign-currency subordinated debt rating.

Concurrently, the agency affirmed all existing ratings. The bank's standalone E+ bank financial strength rating, mapping to a baseline credit assessment of b3, remains stable.

Moody's said the outlook change was driven by International Bank of Azerbaijan's continued progress in strengthening its standalone credit profile and Moody's expectation that the banks financial indicators will remain on a sustainable trend over the next 12-18 months. The action reflects the bank's improved asset quality indicators and strengthened capital base.

At the same time, the ratings remain constrained by very high concentration levels in the bank's loan book, its still relatively low core capital level and moderate profitability, the agency said.

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