BAKU, Azerbaijan, July 9. Moody's international rating agency has updated the ratings of the International Bank of Azerbaijan (ABB), Trend reports.
The agency upgraded ABB's long-term local and foreign currency deposit ratings from Ba3 to Ba2. The bank's BCA and Adjusted BCA ratings were also upgraded from B1 to Ba3. The outlook on ABB's rating remains Positive.
The rating upgrade is attributed to the bank's improved asset quality, high profitability, strong capital position, and high asset liquidity. Limited risks and a minimal share of problem loans further support this positive assessment. Additionally, ABB's status as a state-owned bank significantly influences the agency's favorable outlook on the bank's future.
According to Moody's, ABB will persist in reaping the rewards of fresh economic prospects, a propitious commercial milieu, and the nation's residual capabilities. The bank's high profitability and asset quality will benefit from this.
