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Moodyâ€™s changes International Bank of Azerbaijan outlook to stable

Moodyâ€™s changes International Bank of Azerbaijan outlook to stable

11 August 2010 13:04 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Moody’s Investors Service has changed the outlook for International Bank of Azerbaijanâ€™s ratings from negative to stable.

IBA has a Baa3 long-term local currency deposit rating, and Ba1 long-term foreign currency subordinated debt rating from Moodyâ€™s, APA-Economics reports according to BNE (www.businessneweurope.eu).

Moodyâ€™s said the decision to assign a stable outlook reflected reflect the Azerbaijan government’s continued ongoing support to IBA, which is 50.2% state-owned. It also noted that the governmentâ€™s direct support to IBA’s large borrowers that were facing financial problems has supported IBA’s asset quality, liquidity and helped to avoid material capital erosion.

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