Azerbaijan’s stake in country’s int'l bank to be increased to 80% - Fitch (UPDATE)
Details added (first version posted on 10:04)
Baku, Azerbaijan, March 10
The Azerbaijani Ministry of Finance's stake in the country's international bank will increase to above 80 percent, from 51.1 percent at present in the result of the planned 500 million manats' equity injection, according to the message of the international ratings agency Fitch Ratings published on its website March 10.
Fitch Ratings has affirmed International Bank of Azerbaijan's (IBA) Long-term Issuer Default Rating (IDR) at 'BB'.
The affirmation of IBA's Long-term IDR at 'BB' shows a stronger propensity of the authorities to support the bank, which is reflected in the 3 billion manats' clean-up of IBA's balance-sheet, executed through buy-outs of impaired loans, and a planned 500 million manats' equity injection, which will support IBA's solvency, according to the message.