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Fitch affirms International Bank of Azerbaijan at 'BB'/Negative; downgrades VR to 'f' (23 November 2016 18:46)
Date: 25 December 2015 11:12
Baku, Azerbaijan, Dec. 25
International ratings agency, Fitch has kept the “BB” long-term issuer default rating (IDR) of International Bank of Azerbaijan in the “Rating Watch Positive” list, said the agency on its website.
The IDRs of Demirbank, Atabank and AGBank were placed in the “Rating Watch Negative” list, with a possibility of upgrading the rating.
Forecast for Unibank’s IDR (“B”) was changed from "stable" to "negative."
Fitch said the rating actions are related to the devaluation of manat, and the transition to a floating exchange rate on December 21.
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