Azerbaijani Insurance Company Expect Step Up of International Rating

Business Materials 19 September 2008 15:13 (UTC +04:00)

Azerbaijan, Baku, 19 September / Trend corr. U.Ismayilova /"Standard Insurance, largest Azerbaijani insurance company expects one step up in the international rating in 2009," Kamal Ibrahimov, Chairman of the Board of company, said.

"For this purpose we have already commenced negotiations with the international Moody's Investors Service rating company. Company's representatives will pay a visit to Baku soon," said Ibrahimov.

For the first time in 2007, Standard Insurance received B1 with positive forecast rating from Moody's. This rating is the highest rating for private insurance sector in the country.

The international audit of the financial and housing activity of Standard Insurance will have a positive contribution for stepping up in rating. PriceWaterHouse Coopers held the auditory check in the company.

Company plans, according to Ibrahimov, to double the authorized capital to AZN16mln.

Standard Insurance has been operating in Azerbaijan since 2002. This is the one insurance company in Azerbaijan, which received the financial stable rating of Moody's Investors Service.

On 19 September, the official currency rate is 0.8133 AZN/USD.

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