Moody's reduces ratings of International Bank of Azerbaijan, Unibank and Bank Respublika

Baku. 5 June. REPORT.AZ/ The international rating agency "Moody's Investors Service" changed the rating on long-term debt forecasts of a number of commercial banks operating in Azerbaijan, from "positive" to "stable" including the International Bank of Azerbaijan, "Unibank" and "Bank Respublika" JSC.

Report informs, a challenging operating environment in Azerbaijan and the financial pressure on banks were shown as the reason.

On previous day, the rating agency announced the results of the risk assessment on 6 commercial banks. The rating of the International Bank of Azerbaijan was approved in the level of "Ba2", "Bank of Baku" OJSC "Bank VTB (Azerbaijan)" rating of "Ba3", "bank", "Bank Respublika" and "People's Bank" - "B1".

Moreover, taking into account their business interests, the agency refused to determine Azerbaijan International Bank's subordinated debt rating.