Fitch changes Bank of Azerbaijan view

Fitch Ratings said it revised the outlook on International Bank of Azerbaijan's long-term issuer default rating to positive from stable and affirmed the rating at B-.

The revision reflects Fitch's base expectation that the bank’s credit profile is likely to improve over the next 12 months as it continues to gradually close its large, short open-currency position via foreign exchange purchases on the market, the agency said.

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