Baku. Vahab Rzayev – APA-Economics. The rating agency Standard & Poor’s (S&P) has raised Mugan Bank’s rating from "CCC+" to "B-" with a stable outlook.
Raise of bank’s rating took place after revise of Banking Industry Country Risk Assessment (BICRA) on Azerbaijan (BBB-/Stable/A-3) to group ’8’ from group ’9’
The agency reports that the level of bank’s rating was determined under weak business position, capitalization, profit and average performance figures and adequate liquidity indicators.
Stable outlook has been determined under the influence of suppositions on invariable business and financial profile of the bank within the next 12 months. Moreover, it is noted that negative steps on ratings can occur as a result of worsening of bank’s indicators.
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