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Azerbaijanâ€™s Kapital Bank to receive rating from Fitch and Moodyâ€™s

05 September 2007 13:23 (UTC +04:00)

Azerbaijanâ€™s Kapital Bank is due to receive new ratings from Fitch in September and from Moodyâ€™s in October. The bank board chair Rauf Rzayev said the initial discussion has been held with Fitch experts, and ratings are at least expected to be maintained at the current level.
â€œWe are expecting upgrade of ratings because the bank is developing steadily, improving corporate governance system and minimizing risks,â€ he noted.
In February Fitch set Kapital Bankâ€™s long-term rating at BB-, short-term rating at B, support rating at 3, individual rating at D/E and ratings outlook as stable.
Last December Moodyâ€™ assigned foreign currency long-term rating Ba2, short-term rating NP, national currency long-term rating Baa2 and short-term rating P-2 to Kapital Bank.
Kapital Bank is the only 100% state owned bank of Azerbaijan. It is planned to sell an additional issue of stocks worth AZN 12 million to double the authorized capital amid privatization. /APA-economics/