Fitch Ratings downgraded Azerbaijan Mortgage Fund

Baku. 3 March. REPORT.AZ/ Fitch Ratings has downgraded Azerbaijan Mortgage Fund under the Central Bank of Azerbaijan Republic's (AMF) Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-'. The Outlook is Negative. Report informs referring to the agency.

The rating actions follow Fitch's recent downgrade of Azerbaijan's Long-term foreign and local currency IDRs to 'BB+' from 'BBB-'. The Negative Outlook reflects that of the sovereign. The Country Ceiling has been revised to 'BB+' from 'BBB-'.