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Fitch may upgrade IBA’s ratings

Business Materials 5 September 2017 20:44 (UTC +04:00)
Fitch Ratings, the international ratings agency, said Sept. 5 that it has withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the extinguishment of the issue on Sept. 1
Fitch may upgrade IBA’s ratings

Baku, Azerbaijan, Sept. 5

By Anvar Mammadov – Trend:

Fitch Ratings, the international ratings agency, said Sept. 5 that it has withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the extinguishment of the issue on Sept. 1.

The agency has not yet rated the new $1 billion senior notes due 2024 that were issued in part exchange for the original notes and other senior obligations subject to the restructuring.

The agency expects to upgrade IBA's Issuer Default Ratings (IDRs) and its Viability Rating upon obtaining sufficient information on the bank's post-restructuring credit profile.

The restructuring plan was previously approved by an affirmative vote of holders of 93.9 percent of affected claims at the Claimant’s Meeting held on July 18, 2017, by the Financial Market Supervisory Authority of Azerbaijan on July 25, 2017 and by the Nasimi District Court in Baku at the hearing of the bank’s application that took place on August 17, 2017.

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