Fitch Ratings upgrades Azerbaijani AccessBank’s viability rating
Baku, Azerbaijan, Dec. 20
By Emin Aliyev - Trend:
Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) of AccessBank (AB) at 'BB+' with Stable Outlook, Fitch Ratings reported today.
AB's Viability Rating upgraded to 'bb-' from 'b'.
"The upgrade of AB's Viability Rating reflects the bank's sound performance in a challenging operating environment, its sound financial metrics in terms of profitability, asset quality and capitalisation, and strong governance and management," according to the message.
Short-term IDR affirmed at 'B'
Support Rating affirmed at '3'
AB's IDRs and Support Rating are underpinned by the moderate probability of support from its international financial institution (IFI) shareholders, in particular KfW (AAA/Stable; 20% stake), the European Bank for Reconstruction and Development (AAA/Stable; 20%) and the International Finance Corporation (20%), Fitch Ratings reported.
At the same time, AB's Support Rating of '3' and Long-term IDR of 'BB+' reflect some uncertainty with respect to timely support always being provided if needed, given the fragmented nature of the shareholder structure and the limited strategic importance of the bank for its IFI owners, Fitch Ratings reported.