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Fitch Ratings revises outlook on Unibank

13 March 2014 10:31 (UTC +04:00)

Baku – APA-Economics. Fitch Ratings has affirmed the Long-term foreign currency Issuer Default Ratings (IDRs) of Azerbaijan-based Unibank at 'B'. The outlook has been revised to Positive from Stable, Reuters reported.

The affirmation reflects the bank's largely stable credit metrics and currently favourable broader economy, which is supported by high oil prices. The spill-over effects of high oil prices on the non-oil economy coupled with significant government spending supported the gradual resolution of post-crisis asset quality problems. Additionally, the bank's bottom line have benefited from rapid expansion in higher margin retail and micro-lending.

The rating actions are as follows:

Long-term foreign currency IDR: affirmed at 'B', Outlook revised to Positive from Stable

Short-term foreign currency IDR: affirmed at 'B'

Viability Rating: affirmed at 'b'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at No Floor.