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AccesBank gets highest ratings in Azeri private bank sector

22 April 2009 13:29 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. Fitch Ratings has affirmed AccessBankâ€™s Long-term IDR at ’BB+’; Outlook Stable, Short-term IDR at ’B’, Individual Rating at ’D/E’ and Support Rating at ’3’.
Fitch Ratings said the affirmation of AB’s Long-term IDR reflects Fitch’s view of the high probability of support available from its IFI shareholders: the development bank KfW (’AAA’; 20% stake), the European Bank for Reconstruction and Development (’AAA’; 20%) and the International Finance Corporation (’AAA’; 20%), in case of need. AB’s ’D/E’ Individual rating is supported by its relatively strong capitalisation, currently very low loan impairment and moderate refinancing risk due to the large share of relatively stable funding from dedicated microfinance funds, which is diversified by tenors and creditors. Although asset quality is likely to deteriorate as the loan book seasons in the weakening operating environment, significant loss absorption capacity and loan book granularity are important mitigating factors.