Fitch withdraws ratings of one of Azerbaijan’s largest banks
Baku, Azerbaijan, Dec. 5
By Azad Hasanli - Trend:
Fitch Ratings international rating agency has affirmed Azerbaijan's Kapital Bank's (KB) long-term foreign currency IDR at 'BB-' with stable outlook and subsequently withdrawn the ratings, said the message of the agency.
Short-term foreign currency IDR has been affirmed at 'B', Viability Rating at 'b+', Support Rating at '3'. Support Rating Floor has been affirmed at 'BB-', according to the message.
Fitch has withdrawn KB's ratings as the issuer has chosen to stop participating in the rating process, and Fitch will therefore no longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical coverage for KB.
In September 2015 Fitch upgraded KB's Long-term IDR to 'BB-' from 'B+' and Viability Rating (VR) to 'b+' from 'b'. "The upgrade of the IDR was driven by the upgrade of the bank's Support Rating and upward revisions of its Support Rating Floor, and reflected Fitch's reassessment of the likelihood of potential support available to the bank from the Azerbaijan authorities, in case of need," said the message.
Kapital Bank is the successor of Savings Bank. The bank is included in PASHA group of companies - a large investment holding company in Azerbaijan. It is widely represented in such sectors as insurance, construction, construction materials, tourism and others.