Azerbaijani State Kapital Bank Expect Restoration of Rating(video)

Business Materials 4 September 2007 18:39 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I.Khalilova / The international rating agencies Fitch Ratings and Moody`s Investors will restore the rating of the Azerbaijani State Kapital Bank in October, Rauf Rzayev, the chairman of the management of the Bank, said.

Assessments by Fitch may be completed in the first part of September, as discussions have already been completed in the agency.

"I consider that both ratings will be affirmed, and will not be lower than the previous assessments of Kapital Bank," Rzayev said. Improvement of bank indexes, minimization of risks, and introduction of corporation standards of management approves it. The rating of Kapital Bank is currently two times lower than the country's rating, as the country develops more than bank system. A long-term rating of BB, provided by Kapital Bank is considered a good index in developing markets, and in Russia it is the third rating provided by the Russian banks.

A long term rating for Kapital Bank was defined within the group of speculative ratings on the Ba2 level, which is lower compared to the country.

Rating of risks of financial stability was announced on E+ level.

The long term rating was affirmed at BB, and the short-term rating at B level.

The Bank was founded in 2000 by merging three State banks; Saving Bank, Industry-Investment and Agro-industrial Banks.

In January 2005 the Bank was renamed Kapital Bank. From 2000 to 2004 the Kapital Bank had been operating on a limited bank license imposed to main bank functioning.