Moody's upgrades three Azerbaijani banks

Moody's Investors Service said it upgraded the long-term local- and foreign-currency deposit ratings of three Azerbaijani banks, namely International Bank of Azerbaijan (IBA), JSC Bank Respublika and OJSC Xalq Bank.

The outlooks on the long-term deposit ratings of Respublika and Xalq were changed to stable from positive.

The outlook on the long-term deposit ratings of IBA remains positive.

Moody's also said it upgraded these three banks' long-term counterparty risk ratings and counterparty risk assessments.

The ratings reflect positive developments in the affected banks' standalone credit profiles, facilitated by Azerbaijan's stabilizing macroeconomic environment and improving operating conditions for the local banks, the agency said.

GDP growth in Azerbaijan of about 3% in 2019, along with lower inflation and a stable exchange rate, should underpin the creditworthiness of the borrowers, Moody's said.

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