Moody’s ups International Bank of Azerbaijan

Moody's Investors Service said it upgraded the long-term foreign- and local-currency deposit ratings of International Bank of Azerbaijan (IBA) to Caa1 from Caa2 and the foreign-currency senior unsecured debt rating to Caa2 from Caa3.

The baseline credit assessment (BCA) was upgraded to caa3 from ca and the long-term counterparty risk assessment to B3(cr) from Caa1(cr).

The long-term deposit ratings carry a positive outlook, while the debt ratings carry a stable outlook.

Not Prime short-term deposit ratings and Not Prime(cr) short-term counterparty risk assessment were affirmed.

This concludes the review initiated on May 26 and follows the approval of the bank's restructuring plan by its creditors, announced at the claimant's meeting on July 18.

“The upgrade of the bank's BCA to caa3 and deposit ratings to Caa1, with a positive outlook, reflects Moody's expectation of the improvement in the bank's financial metrics after completion of its restructuring, but incorporates the uncertain pace of the bank's rehabilitation,” the agency said in a news release.

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