Credit rating of BSTDB with Azerbaijan in its member ranks upgraded


November 26, Fineko/ International rating agency Standard & Poor'S (S&P) has upgraded the long-term and short-term credit rating of the Black Sea Trade & Development Bank (BSTDB) from ‘A-/A-2’ up to ‘A/A-1’.
ABC.AZ reports that S&P’s statement says that the rating forecast is marked as ‘Stable’.
S&P stated that the credit rating upgrade is based on the growth of healthy 
BSTDB loan portfolio over the past 3 years, as well as on the final decision of the Bank's shareholders regarding capital growth.
"BSTDB has stable and very strong financial risk profile. The coronavirus pandemic (Covid-19) had minor impact on the quality of Bank's assets. It is linked with the full-scale improvement of the BSTDB over the past 10 years and has positive effect on its dynamics during the period of unprecedented global socio-economic shocks, creating a solid foundation for the further development of the Bank," BSTDB’s president Dmitry Pankin emphasized.
The BSTDB is an international financial institution established in 1997 with the participation of Azerbaijan, Turkey, Georgia, Armenia, Russia, Ukraine, Moldova, Romania, Greece, Bulgaria and Albania. The authorized capital of the bank with its headquarters in the Greek city of Thessaloniki is EUR 3.45 bn. The BSTDB supports economic development and regional cooperation by providing loans, credit lines, guarantees for financing projects in the public and private sectors, as well as for trade in member countries.