Ratings of International Bank of Azerbaijan can be revised

Baku. 24 May. REPORT.AZ/ Yesterday's meeting of "International Bank of Azerbaijan" OJSC with foreign creditors in London (United Kingdom) proved to be more constructive than expected.

Report was informed in the IBA, first deputy chairman of the bank's board Abbas Ibrahimov stated.

According to him, as indicated in the press release released following the meeting, foreign creditors submitted proposals in three directions. The process of restructuring external liabilities will continue in accordance with the plan.

As for expectations in next few days after the meeting, A. Ibrahimov said that if to refer to the similar experience of other banks abroad, in next few days revising of the IBA ratings is expectable: "Perhaps, international rating agencies will temporarily downgrade ratings of the bank. This is likely to happen these days. But this does not mean a deterioration of the bank’s situation. As mentioned earlier, this approach is traditionally used by agencies. This reflects the standards and normal practices of agencies in the restructuring process. Ratings of banks passing through the restructuring process are temporarily decreasing, and after the completion of the process they are rising."