Azerbaijan, Baku, Sept. 4 / Trend /
Standard & Poor's Ratings Services has reviewed the banking sector of the Republic of Azerbaijan (BBB-/Stable/A-3) under updated Banking Industry Country Risk Assessment (BICRA) methodology. S&P place Azerbaijan in BICRA group '8', along with Argentina, Kazakhstan, Uzbekistan, Nigeria, and Georgia.
The BICRA comprises two main areas of analysis--economic risk and industry risk--where Azerbaijan ranks '7' and '8', respectively.
Azerbaijan has made important progress in recent years by stepping up bank regulation and supervision, and bringing them gradually closer to international best practices.
S&P classify Azerbaijan's government as "supportive" toward domestic banks. "We recognize the government's track record of providing support to the banking system in times of exceptional stress" report said.