Fitch Ratings has downgraded International Bank of Azerbaijan's (IBA) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'CCC' and removed it from Rating Watch Evolving (RWE), APA-Economics reports.
The downgrade of IBA's IDRs to 'RD' follows the announcement of the bank's restructuring plan, presented on 23 May 2017. The proposed restructuring will represent a distressed debt exchange (DDE) according to Fitch's criteria as it will impose a material reduction in terms on certain senior, third-party creditors through a combination of write-downs, tenor extensions and interest rate reductions.
The Support Rating has been affirmed at '5'.
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