Azerbaijan’s AFB Bank terminates cooperation with Fitch Ratings
BAKU, Azerbaijan, July 9
By Fidan Babayeva – Trend:
Azerbaijan’s AFB Bank has put on hold its cooperation with Fitch Ratings agency, Trend reports referring to the bank.
"The new economic realities caused by the COVID-19 pandemic, which has caused the global crisis around the world, are currently reducing the importance of renewing the credit rating of commercial banks,” the message said. “Cataclysms in foreign financial markets have complicated the ability to raise the funds and have also affected the rationality of renewing credit ratings amid a decrease in credit investments for the bank."
Having reviewed the business development strategy, a decision was made to temporarily stop cooperation with Fitch Ratings agency.
Fitch Ratings has assessed AFB Bank's Long-Term Issuer Default Rating (IDR) at 'B-'.
"Despite the difficult economic situation, AFB Bank's capital positions are quite high and this rating is one of the highest among the leading commercial banks in the country,” the message said. “The bank’s profit for the first quarter of this year is 23 times more than for the same period of last year."
AFB Bank, which launched its activity in February 2009, is one of the leading financial institutions currently operating in the country. It has 11 branches and five offices. Given the social isolation measures, the bank seeks to serve its customers through e-channels.
Follow the author on Twitter: Fidan_Babaeva