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Fitch Ratings upgrades Azerbaijan Mortgage Fundâ€™s rate

27 November 2010 11:00 (UTC +04:00)

The AMF credit rate was equalized to the Azerbaijanâ€™s country rating which is an indicator of AMFâ€™s significant role in the governmentâ€™s social policy concerning the sustainable financial situation, healthy credit portfolio, high payment ability and improvement of life conditions of the population. New credit rating was achieved as a result of the state permanent support to mortgage credit system, perfect system in active and passive risk management, transparent financial operations, increase of effectiveness and improving the reporting system.

Fitch Ratings upgrading the AMFâ€™s rate is related to high mechanisms of support and state control by the Central Bank and the Fundâ€™s significant role in the government policy toward funding the housing sphere.

AMF gives mortgage credits to the people with low and medium incomes in terms of percentages lower than market prices. The fund loaned AZN 240 million credits so far.

It creates opportunity for AMF to access the international capital market.