Bank Of Baku

Fitch upgrades Azerdemiryolbank

Fitch upgrades Azerdemiryolbank
# 23 February 2007 16:16 (UTC +04:00)
Fitch Ratings upgraded Azerdemiryolbank to B- from IDR CCC+, and to short-term B from C, affirming the individual rating at D/E, support rating at 5 and IDR outlook as stable, the Bank’s head Office told APA-Economics.
Azerdemiryolbank was established in 1989 by Azerbaijan State Railways. The EBRD took a 25%+1 stake in the bank in December, 2005. Azerdemiryolbank was the first private bank in Azerbaijan to get international ratings in 2004. /APA/
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