Bank Of Baku

Fitch revises outlook on AzInsurance OJSC’s

Fitch revises outlook on AzInsurance OJSC’s
# 14 March 2016 13:41 (UTC +04:00)

The revision of the Outlook follows the downgrade of Azerbaijan on 26 February 2016 to Long-term foreign and local currency Issuer Default Ratings (IDR) 'BB+' from 'BBB-'.

 

The affirmation of the rating reflects the insurer's strong market position

 

The devaluation has helped AzInsurance generate significant FX gains, as 69% of the insurer's portfolio was placed in USD-denominated instruments at end-2015.

 

Based on the insurer's unaudited annual results, the net profit improved to AZN17m in 2015.

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THE OPERATION IS BEING PERFORMED