Bank Of Baku

Fitch Ratings excludes Baghlan Group from list of rated companies

Fitch Ratings excludes Baghlan Group from list of rated companies
# 03 April 2014 11:46 (UTC +04:00)

Baghlan failed to pay the $19mln interest payable on 27 December 2013 on its $150mln LPNs. The LPNs were in technical default on 1 January 2014 following a grace period. As of 7 March 2014 part payment of $8mln had been made.

 

The ratings have been withdrawn as Fitch no longer has sufficient information to maintain the ratings. The current liquidity position of the group and its ability to meet maturing debt obligations including with local banks cannot be assessed.

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