Azerbaijan, Baku / Trend corr I. Khalilova / The International Bank of Azerbaijan (IBA) has retained its ambitious plans to increase its credit rating up to the sovereign rating of the country, the Deputy President of the IBA, Vagif Akbarov , reported at the Azerbaijani Rating Conference of 'Increase of Transparency and Improvement of Access to Capital'.
Despite the good indexes of the bank, the international rating agency of Moody`s Investors has refused to issue the rating to equal that of the country's rating (BB+ of Fitch, Baa2 - Moody`s ). "The refusal is explained by the uncertainty of insufficient support from the bank regarding the Governmental conditions of virtual default," Akbarov said.
However, the IBA has intentions to renew its rating this year. The bank will hold the first meeting with the representatives of Fitch on the 27th of June, and later with Moody`s .
The IBA began cooperation with international rating agencies in 2000. In accordance with the rating of Fitch renewed in February, 2007, IBA was issued a long-term rating at the level of BB, the first rating issued by Moody`s was at the level of Ba2.