Fitch Ratings, an international rating agency, has announced possible revision of the ratings of the International Bank of Azerbaijan (IBA) and AtaBank OJSC.
The ratings have been placed on Rating Watch Evolving (RWE). The RWE reflects heightened probability that the rating may be upgraded, downgraded or affirmed.
The rating actions are driven by the publication of the Exposure Draft of Fitch’s revised Bank Rating Criteria.
As outlined in the Exposure Draft, Fitch plans to introduce + and - modifiers at the 'CCC'/'ccc' level for Long-Term Issuer Default Ratings (IDRs), long-term international debt and deposit ratings of both banks.
Presently, Atabank OJSC Foreign-Currency Long-Term IDR is at 'CCC', and IBA OJSC Viability Rating - at 'ccc'.
Fitch will resolve the Rating Watch following the publication of the final criteria in line with the Exposure Draft.
Previously, Fitch Ratings upgraded IBA’s Long-Term Issuer-Default Rating to 'B-' from 'RD' (Restricted Default).
The upgrades of the bank's ratings followed successful completion of IBA's debt restructuring on September 1, 2017.
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