Fitch Ratings upgrades Bank Technique's ratings

Fitch Ratings upgrades Bank Technique
# 20 December 2013 13:27 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Fitch Ratings has upgraded the Long-term Issuer Default Rating (IDR) of Bank Technique's (BT) to 'B-' from 'CC', Stable Outlook.

"The upgrade of these ratings reflects considerable progress in work-outs of impaired loans, resulting in significant improvement in the capital position, and currently comfortable liquidity," Fitch Ratings reported.

The agency says Bank’s non-performing loans (NPLs) net of reserves amounted to AZN67m and management expects further NPL work outs of AZN60m by end-2014.

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THE OPERATION IS BEING PERFORMED