Azerbaijan, Baku, Dec. 17 / Trend , U.Ismayilova/ "Azerbaijani MBASK insurance company does not intend to get international rating earlier than 2011," Jamil Malikov, the chairman of the Board of MBASK co and the Insurers Association of Azerbaijan, said at a news conference.
"At present it is not suitable time to get international rating because of financial crisis," Malikov said.
The company postponed plans on getting rating due to two reasons - first, currently it is expected that rating of many huge insurance companies will be cut because of the crisis. Second, the company should have five-year auditor reports of leading four auditors (Ernst& Young, KPMG, PWC, Deloitte) to get a rating.
MBASK has only three auditor reports and perhaps, it cannot resume its plans on getting international rating earlier than 2011 because of the current economic situation in the world, because an international rating will signify additional burdens, Malikov said.
MBASK, operating in the Azerbaijani insurance market since 1992, offers 29 kind of insurance services, including four obligatory ones. The company's authorized capital amounted to AZN 2mln. European Bank for Reconstruction and Development (EBRD) is possessing 30% of MBASK shares since Jan. in 2005.
In Oct. 2007 only Standard Insurance co amongst Azerbaijani 28 insurance companies has got B1 rating with positive forecast from Moody's Investors Service which is presently the highest rating for the private financial sector of the country.
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