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Standard & Poorâ€™s assigns ratings to Azerbaijanâ€™s AGBank

03 December 2008 14:17 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Standard & Poorâ€™s Ratings Services said today that it had assigned its â€˜Bâ€™ long-term and â€˜Câ€™ short-term counterparty credit ratings to Azerbaijan-based AGBank (AGB). The outlook is stable.
AGBankâ€™s positive rating factors include an acceptable level of profitability of the core activities of the bank, as well as adequate capitalization.
S&P said Azeri bankâ€™s profitability is at an acceptable level and return on assets (ROA) stood at 2.7% in 2007 and 2.9% in the first half of 2008. The positive attributes are high interest margins and rapid growth in business.
Last week Fitch Ratings assigned AGBankâ€™s (AGB) a long-term foreign currency Issuer Default Rating (IDR) of â€˜B-â€™ (B minus), short-term foreign currency IDR: â€˜Bâ€™, support rating: â€˜5â€™, individual rating: â€˜D/Eâ€™, support Rating Floor: â€œNo Floorâ€. Ratings carry stable outlook.
As of October 1, AGBankâ€™s assets stood at AZN 217.293 million, loan portfolio at AZN 159.889 million, deposit portfolio at AZN 140.183 million, total capital at AZN 30.08 million and authorized capital at AZN 15 million.
AGBank has been in operation since 1992.