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S&P downgrades Mugan Bank's credit rating
Finance
- 25 June, 2020
- 07:22
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S&P Global Ratings downgraded Azerbaijan-based Muganbank OJSC's credit rating to CCC+/C from B-/B.
The outlook on rating was revised to negative.
Mugan Bank's financial performances have been declining in recent times. For instance, the assets dropped 8.3% to AZN 605.7 million in the first quarter. This was caused by a decline of liabilities by 9.5% to AZN 519.5 million, and of deposit portfolio by 19% to AZN 271.1 million.
The bank ended 2019 at AZN 8.3 million, January-March 2020, at AZN 1.3 million in a loss.
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