According to the agency, it is withdrawing the ratings as BT has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for BT.
Earlier Fitch said that BT’s ’B-’ Issuer Default Rating is driven by its weak capitalisation and asset quality.
On 10 March 2015 Fitch placed BT’s ratings on Rating Watch Negative (RWN), reflecting the bank’s breach of regulatory capital adequacy ratios as a result of the Azerbaijani manat devaluation. BT breached minimum prudential capital ratios at end-1Q15. However, Fitch does not have information on the bank’s potential recapitalisation plans, and so has withdrawn the ratings without affirmation or downgrade.
The following ratings have been withdrawn without affirmation:
Long-term foreign currency IDR: ’B-’/RWN
Short-term IDR: ’B’/RWN
Viability Rating: ’b-’/RWN
Support Rating: ’5’
Support Rating Floor: ’No Floor’
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