Baku. Yegane Lachinzade – APA-Economics. Fitch Ratings has affirmed the Long-term foreign currency Issuer Default Ratings (IDRs) of Demirbank at 'B'.
After the latest update, the ratings are as follows:
Long-term foreign currency IDR: affirmed at 'B-'
Short-term foreign currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at No Floor
Note that the Fitch Rating has not taken into consideration the increase of Demirbank’s authorized capital by AZN 50 million. This decision was passed at the extra-ordinary meeting of the banks held on August 6.
The presence of international financial institutions such as European Bank for Reconstruction and Development and Netherlands Development Finance Company (FMO) among the shareholders of the Bank with “25% + 1 share” and 10% share respectively also has its positive influence on the rating of the bank.
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