S&P acts on Azeri banks

S&P said it took action on three Azerbaijan-based banks citing the effects of the coronavirus and lower oil prices on their businesses.

The agency revised the outlook for Kapital Bank to stable from positive and affirmed its BB- rating.

S&P affirmed Pasha Bank’s B+ rating and stable outlook.

S&P placed Muganbank’s B- long-term and B short-term ratings on CreditWatch with negative implications.

“We placed our ratings on Muganbank on CreditWatch with negative implications because we see an increased risk the bank may breach the regulatory liquidity ratio. In the worst case, it may be unable to honor its obligations in full and on time in case of potential, more intense customer deposit outflows,” said S&P in a press release.

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