Fitch Ratings confirms AccessBank’s rating

Fitch Ratings confirms AccessBank’s rating
# 31 May 2010 08:08 (UTC +04:00)
Baku. Elnur Huseymguluyev – APA-Economics. Fitch Ratings has reconfirmed AccessBank’s BB+ Long-Term and B Short-Term Issuer Default Ratings and D Individual Rating.

Bank says that AccessBank remains the highest rated non-state owned financial insitution in Azerbaijan. Fitch also reconfimed the outlook for the Long-Term Issuer Default Rating as ‘Stable’ and the Support rating at 3.

The review of AccessBank’s rating followed Fitch’s upgrade on 20 May 2010 of the country rating and country ceiling for Azerbaijan to BBB- from ВВ+. AccessBank’s high rating is underpinned by the strong international shareholders of the bank. Accessbank’s Individual rating, the highest among Azerbaijani banks, rated by Fitch, reflects the quality of risk management, good profitability and solid capitalisation.

AccessBank General Manager Andrew Pospielovsky, welcoming the announcement by Fitch Ratings said: “The repeated reconfirmation by Fitch Ratings of AccessBank as the highest rated non-state owned bank in Azerbaijan is a testimony to the stability and strength of AccessBank.”

AccessBank was established in 2002, as Mikromaliyyeleshdirme Bank. The bank operates 23 branches, 23 ATMs and 48 POS-terminals across the country.
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