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S&P downgrades Muganbank to CCC+/C
S&P said it lowered the long- and short-term counterparty credit ratings on Muganbank OJSC to CCC+/C from B-/B.
The outlook is negative.
S&P said the downgrade reflects its view that Muganbank's credit profile – notably its liquidity and capitalization – deteriorated owing to unfavorable operating conditions prevailing in Azerbaijan, particularly for midsize banks.
The agency now believes that the bank is dependent upon favorable business, financial and economic conditions to meet its financial obligations and, therefore, views its stand-alone credit profile at ccc+.
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