Fitch expands activity in Azerbaijan

Business Materials 15 March 2013 20:43 (UTC +04:00)

Azerbaijan, Baku, March 15 / Trend A. Akhundov /

Fitch Ratings international rating agency plans to expand its activity in Azerbaijan, head of Fitch office in Istanbul Gulcan Ustay told media today.

She said that today she will hold talks with the construction, insurance and leasing companies operating in Azerbaijan.

"Today construction companies want to get a rating and we are in negotiations with them," she said. "We are ready to assign ratings to other companies from the financial sector, with which we are negotiating, but they paid little interest in this."

She said that it will be possible to intensify the cooperation with the insurance companies in 2014.

"Today, Fitch Ratings rates 13 organizations in Azerbaijan, including nine commercial banks," she said. "After the process of the banks' capitalization is over in 2014, we are ready to expand the list of banks with which we cooperate in the country, and to give a rating to middle banks."

Around 70 per cent of the assets of the country's banking sector fall to the banks with which the agency is cooperating.