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Fitch withdrawn the ratings of the International Bank of Azerbaijan


The international ratings agency Fitch said that it has withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the extinguishment of the issue on Sept. 1, APA reports.

 

According to the report, Fitch has not yet rated the new $1 billion senior notes due 2024 that were issued in part exchange for the original notes and other senior obligations subject to the restructuring.

 

The agency expects to upgrade IBA’s Issuer Default Ratings (IDRs) and its Viability Rating upon obtaining sufficient information on the bank’s post-restructuring credit profile.

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