Azerbaijan, Baku, September 7 / Trend N. Ismayilova /
International ratings agency Moody's Investors Service (Moody's) has assigned initial ratings to joint-stock Citadele banka.
Moody's assigned E+ bank financial strength rating (BFSR) and Ba3 long-term and Not Prime short-term local and foreign currency deposit ratings to Citadele banka. The outlook on all Citadele's ratings is stable.
Moody's has also concluded the review for upgrade on the B2 senior unsecured rating for the bond issue, which was transferred to Citadele banka from Parex banka, by upgrading the rating to Ba3 (from B2).
''We are pleased to receive a positive signal from internationally recognized experts providing the first evaluation of financial indicators of the newly established Citadele banka. According to its business plan, Citadele will be profit-making in 2011, thus creating potential for the bank to further improve its rating,'' the chairman of the bank's board Juris Jakobsons points out.
Parex banka was founded in 1992. Offices, branches and subsidiaries of the bank are located in 12 countries, including branches in Berlin, Stockholm, Tallinn.There is a representative office in Azerbaijan.
The total portfolio of Parex Banka in Azerbaijan today is $200 million, including the portfolio of the leasing subsidiary structure in the country and credit lines.