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Standard&Poor’s rates PASHA Bank ’BB-/B’

12 September 2012 09:23 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Standard&Poor’s international rating agency has assigned Azerbaijan-based PASHA Bank with ’BB-’ long-term and ’B’ short-term counterparty credit ratings. Board chairman of the bank Shahin Mammadov says by the end of 2012, the bank plans to open daughter financial enterprise in Georgia.

Official information from Standard&Poor’s notes: â€œPASHA Bank has an adequate business position, strong capital and earnings, moderate risk position, below average funding, and adequate liquidity. The long-term rating on the bank is one notch higher than its stand-alone credit profile, reflecting the bank’s high systemic importance in the country and or assessment of the Azerbaijan government as supportive. The stable outlook reflects our expectation that PASHA Bank will expand its franchise and loan book quickly in the next two years, at least by 30% per year, while maintaining strong capitalization and adequate liquidity buffersâ€.