Fitch rates Micro Finance BB+

Fitch Ratings said it assigned Micro Finance Bank of Azerbaijan a long-term issuer default rating of BB+ and short-term issuer default rating of B.

The outlook is stable.

The ratings are underpinned by the potential support from its main shareholders, in particular the International Finance Corp., European Bank for Reconstruction and Development and the Kreditanstalt fur Wiederaufbrau Development Bank, Fitch said.

The ratings reflect the bank's small size by international standards, risks arising from rapid growth and certain weaknesses in the operating environment, the agency said.

However, it also takes into account its strong profitability, good corporate governance, satisfactory asset quality and leading market position in the domestic microfinance market.

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