Azerbaijan, Baku / Trend corr. I.Khalilova / The international Fitch Rating Agency restored the rating of support of the International Bank of Azerbaijan (IBA) from 'BB' to 'BB+'.
Fitch Ratings said it has upgraded the International Bank of Azerbaijan's long-term issuer default rating to 'BB+' from 'BB' with a stable outlook citing the growing systemic importance of the bank and its relationship with the authorities.
It also revised the bank's support rating floor to 'BB+' from 'BB'.
However, its 'D/E' individual rating, '3' support rating and 'B' short-term IDR were affirmed.
However, Fitch said IBA's individual rating reflects risks stemming from substantial concentrations on both sides of the balance sheet, rapid asset growth, and certain weaknesses of the Azerbaijani operating environment.