Moody’s upgraded Bank of Baku’s rating to B1

Moody’s upgraded Bank of Baku’s rating to B1
# 16 December 2013 13:23 (UTC +04:00)

Baku – APA-Economics. International Rating Agency Moody’s Investors Service has today upgraded OJSC Bank of Baku’s long-term local and foreign-currency deposit ratings to B1 from B2, Azerbaijan Business Center reported.

According to the Bank, Moody’s rating action is primarily based on Bank of Baku’s audited financial statements for 2012 prepared under consolidated IFRS, as well as the bank’s unaudited financial statements for 30 November 2013.

According to Moody’s, the rating action reflects the bank’s (1) good asset quality, leading to lower credit costs compared with those of similarly rated peers; and (2) healthy capital buffer, which, together with a robust pre-provision profitability, provide the bank with good loss-absorption capacity.

Farid Huseynov, the Chaiman of the Bank’s Board, made his comments on this matter: “In 2012 Moody’s Rating Agency already upgraded long-term rating forecast for the Bank of Baku from stable to positive. As a result of our mutual efforts this year Moody’s upgraded its rating to B1. We are happy that the measures taken to provide financial stability of the Bank, high-quality assets, decrease of risk and satisfaction of our clients have been justified and found approval at the international level. We will continue our laborious activity to maintain the high level of the Bank’s rating and the confidence of our clients. I would like to use this opportunity to congratulate all our shareholders, personnel and clients of the Bank of Baku with the new rating”.

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THE OPERATION IS BEING PERFORMED