Moody’s ups International Bank of Azerbaijan deposits

Moody's Investors Service said it upgraded the long-term foreign- and local-currency deposit ratings of International Bank of Azerbaijan to B3 from Caa1.

The baseline credit assessment was upgraded to caa2 from caa3 and the long-term counterparty risk assessment to B2(cr) from B3(cr).

The long-term deposit ratings continue to carry a positive outlook.

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

Moody’s said the action reflects the completion of the bank’s restructuring, with capital adequacy restored to a level above minimum regulatory requirements, an improved loan book quality following the finalization of the sale of bad assets, and an improved funding structure providing reduced funding costs.

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