Fitch: Azerbaijan Mortgage Fund’s portfolio will increase by 30-40%

Baku. 31 May. REPORT.AZ/ Fitch international rating agency forecasts, Azerbaijan Mortgage Fund (AMF) to increase its portfolio by 30-40% in 2017.

Report informs referring to Fitch's report, in 2016 the AMF’s portfolio slightly shrank and early this year the assets amounted to AZN 537 mln. In current year the Fund added AZN 50 mln to its capital. Moreover, AMF is expected to place AZN 200 mln bond issue.

The agency reports that despite reduction of operations in 2016, the activity was restored by the year-end after re-organization process. Fitch also updated AMF’s rating in accordance with Azerbaijan’s sovereign rating (BB+/negative). The agency grounds this on close relations of the AMF with the state and supervision by government.