Moody's Investors Service has today changed to positive from negative the outlook on B3 long-term local- and foreign currency deposit ratings of OJSC XALQ BANK (Xalq Bank) (Azerbaijan) and affirmed these ratings.
Concurrently, the rating agency affirmed Xalq Bank's Baseline Credit Assessment (BCA) and adjusted BCA of caa1, the bank's long-term and short-term local and foreign currency Counterparty Risk Ratings of B2/Not Prime, as well as its Not Prime short-term local and foreign currency deposit ratings. Xalq Bank's long-term and short-term Counterparty Risk Assessments (CR Assessments) of B2(cr)/Not Prime(cr) were also affirmed.
‘According to Moody's, the change of Xalq Bank's ratings outlook to positive from negative reflects improving trends in the bank's asset quality and profitability metrics, coupled with the bank's relatively good capital buffer. The rating action is also underpinned by the bank's stable funding and liquidity profiles’, the agency said.
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