Baku, Fineko/abc.az.  Fitch Ratings confirmed their previous rating of AccessBank at the same level, again making it the highest rated financial insitution in Azerbaijan.

AccessBank informs that Fitch confirmed the long-term issuer default rating of “ВВ+” with a “Stable” forecast; a short-term issuer default rating of “В”; an individual “D/E” rating; a supporting “3” rating; and a “Stable” forecast for the long-term issuer default rating.

“The rating of Azerbaijan itself is “ВВ+” and as the rating of an organization cannot exceed the rating of the country, AccessBank has received the highest rating possible in Azerbaijan. This high rating was based on the strong international shareholders of the bank as well as the quality of risk management,” the Bank says.

The confirmation of the long-term issuer default rating of AccessBank reflects the high probability of support for AccessBank from its shareholders:

AccessBank (“AAA”; share: 20%), EBRD (“AAA”; 20%) and IFC (“AAA”; 20%).

While the individual “D/E” rating is supported by relatively strong capitalization, low loan impairments, and moderate refinancing risk due to the large share of relatively stable funding from dedicated microfinance funds, which is diversified by maturity and creditors.

“It is a great honour for AccessBank to receive international recognition as the strongest private bank in Azerbaijan. Confirmation of this rating without any changes, in the present economic climate, reflects the financial stability and reliability of our bank. We hope this rating will give all our clients even more confidence that in selecting AccessBank they have chosen a partner they can trust for all their banking needs,” said AccessBank’s general manager Andrew Pospielovsky.

Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data.

AccessBank is 100% foreign owned by six shareholders: EBRD, IFC, Black Sea Trade and Development Bank, KfW (20% share each), AccessHolding - a strategic investor in microfinance (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).

27.04.2009 12:52