AMF to use int'l credit rating to draw foreign funds
Azerbaijan, Baku, Oct. 28 / Trend , N. Ismayilova /
The international credit rating, assigned by Fitch Ratings to the Azerbaijan Mortgage Fund (AMF) under the Central Bank, will in the future freely to draw funds not only from the domestic market but also overseas markets, which creates a basis for sustained and continuous mortgage lending next years, the fund said in the message.
The international rating agency Fitch Ratings has assigned a 'BB' with stable outlook long-term rating to AMF on liabilities in foreign currency and local currency. The rating which is only one step below the overall country rating, being at BB+ level, is an indicator of financial stability and high capacity for payment of AMF.
AMF is the only state organization in Azerbaijan receiving an international rating.
At present, the total amount issued in the mortgage loans under the AMF is 132 million manat. In 2005-2009, a total of 72.4 million manat was allocated from the public budget to the fund.
On Oct. 28, the official exchange rate is 0.8033 manat to $1.