Moody's updates rating of International bank of Azerbaijan

Business Materials 23 June 2009 16:29 (UTC +04:00)

Azerbaijan, Baku, June 23 / Trend , N. Ismayilova/ Moody's Investors Service has today downgraded the following global scale ratings of International Bank of Azerbaijan (IBA) (Azerbaijan): long-term and short-term local currency deposit ratings to Baa3/Prime-3 from Baa2/Prime-2, and long-term foreign currency subordinated debt rating to Ba1 from Baa3, the agency said.

In addition, Moody's has changed the outlook on the Ba2 long-term foreign currency deposit rating of IBA to stable from positive following the recent change in outlook on Azerbaijan's Ba2 foreign currency deposit ceiling to stable from positive. Moody's notes that the long-term foreign currency deposit rating remains constrained by the country ceiling.

The bank's other ratings -- short-term foreign currency deposit rating of Not Prime, and bank financial strength rating (BFSR) of E+ -- are not affected by these actions and have therefore been affirmed.

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