Fitch affirms four Azerbaijani banks’ ratings

Fitch affirms four Azerbaijani banks’ ratings
# 01 April 2011 10:56 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Fitch Rating Agency has affirmed long-term foreign currency Issuer Default Rating (IDR) of Azerbaijan-based AGBank, Demirbank, Unibank and TEchnikabank at ’B-’.and changed Technikabank’s forecast from “negative” to “stable”.

According to APA-Economics, the ratings of banks have been affirmed at “stable”. The ratings of these banks are under the impact of difficult operation environment, limited customer base and quality of assets in different rates.

The rating’s information also says the increase of liquidities in banking systems have been taken into account and this factor is related to 17% rise of deposits in 2010. At the same time, diversification of banks’ deposit portfolio is also positive factor. Besides, macro economic factors, including positive perspectives for the country’s economy can create opportunity to prevent the losses which may be able on loans.

Agency says Demirbank’s and Unibank’s balances are more sustainable than others. Because of providence of those banks with problem loans is better. At the same time, decrease of both banks’ YTM has influenced the ratings negatively.
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