Azeri mortgage fund gets high Fitch rating
International agency
Fitch has issued a BB credit rating to Azerbaijan’s Mortgage Fund,
assessing as stable its long-term commitments on local and foreign
currencies, according to the Fund.
The assessment points to stable financial performance, a sound loan portfolio and high solvency of the organization. Thus, the fund’s rating is just a grade below Azerbaijan’s overall rating, which stands at BB+.
As a rule, national ratings are the maximum ratings issued to organizations by international agencies.
The Mortgage Fund has achieved a high rating in the course of its short-term operation from the very first time. Moreover, it is one of the first state-run Azerbaijani institutions to have received an international credit rating.
Fitch Ratings has said a change in Azerbaijan’s country rating will automatically alter the Fund’s rating.
Mortgage loans allocated in the country through the Fund have now exceeded 132 million manats ($165 million). State budget funds to the tune of 72.4m manats ($90m) were allotted to the institution for 2005-2009.
The international credit rating will facilitate the Fund’s drawing spare funds both in the domestic and overseas markets in the future, which will ensure sustainable and uninterrupted mortgage lending.*
The assessment points to stable financial performance, a sound loan portfolio and high solvency of the organization. Thus, the fund’s rating is just a grade below Azerbaijan’s overall rating, which stands at BB+.
As a rule, national ratings are the maximum ratings issued to organizations by international agencies.
The Mortgage Fund has achieved a high rating in the course of its short-term operation from the very first time. Moreover, it is one of the first state-run Azerbaijani institutions to have received an international credit rating.
Fitch Ratings has said a change in Azerbaijan’s country rating will automatically alter the Fund’s rating.
Mortgage loans allocated in the country through the Fund have now exceeded 132 million manats ($165 million). State budget funds to the tune of 72.4m manats ($90m) were allotted to the institution for 2005-2009.
The international credit rating will facilitate the Fund’s drawing spare funds both in the domestic and overseas markets in the future, which will ensure sustainable and uninterrupted mortgage lending.*
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