Fitch Ratings has withdrawn the rating on AzSigorta


September 9, Fineko/abc.az. At the initiative of AzSigorta the international rating agency confirmed the rating of the insurance company at the previous level and withdrew it, as cooperation with Fitch Ratings on the renewal of the rating was terminated.

Earlier, AzSigorta suspended cooperation with Fitch with the purpose to optimize costs and reduce foreign currency payments abroad, ABC.AZ reports. Also, fluctuations in financial markets as a result of the global pandemic have reduced the importance of updating the company's rating.

Despite the suspension of cooperation with the rating agency, Fitch kept the Outlook on AzSigorta at a stable level, confirmed the financial stability of the insurer (IFS) at the "B" level and withdrew it in accordance with the requirements of the procedure.