Baku, Azerbaijan, Dec. 16
By Abbas Akhundov - Trend:
Moody's Investors Service has today changed the outlook on the Azerbaijani Joint Stock Commercial Bank Respublika's B2 long-term deposit ratings to positive from stable, according to the agency's message.
Moody's affirmed the bank's B2 long-term local and foreign currency deposit ratings, standalone E+bank financial strength rating (BFSR), mapping to baseline credit assessment of b2, and Not Prime short-term bank deposit ratings.
"The change of rating outlook to positive reflects the bank's positive track record of sound financial performance, namely good asset quality, robust profitability and capitalisation," Moody's said.
According to the message, the positive outlook reflects (1) the bank's lower risk appetite compared with peers; and (2) its track record of sound financial performance, particularly its adequate asset quality, robust profitability and capitalisation.
Bank Respublika started its activity on May 22, 1992 and has become one of the leading banks of Azerbaijan during these years.
The bank's shareholders include two largest financial institutions of Germany - the investment company DEG, a member of KfW banking group and Sparkassen International Development Trust, a member of Sparkassen-Finanzgruppe financial group, which have been owning shares in Bank Respublika in the amount of 25 percent + 1 share, since April 28, 2005.