S&P revises up AGBank`s long-term rating
Standard & Poor`s ratings agency has revised up its long-term rating on Azerbaijan-based AGBank to ``B`` from ``B-``.
This is S&P`s second upward revision this year. In late March, the agency, which is known for its conservative approach, announced it had revised its outlook on AGBank to stable from negative, saying that, overall, amid the easing economic environment, the bank has improved the credit quality of its loan portfolio.
The latest revision to the ``B`` rating will expand AGBank`s potential to draw funding on more beneficial terms.
In the first quarter of 2012, AGBank`s assets constituted 321 million manats (around $409 million), 16 percent over the same period of 2011. Also, the bank`s loan portfolio increased 11 percent to over 211 million manats ($268 million).
AGBank continues expanding its cooperation with international financial institutions. 17.5 pct of its capital stock is owned by the International Finance Corporation (IFC), the World Bank`s private-sector lender.
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