Fitch affirms AccessBank’s rating at BB+
Baku, 23 December 2013 - The rating agency Fitch confirmed on 18 December 2013 the long-term IDR rating of AccessBank at ‘BB+’ (outlook stable). The viability rating, assessing the stand alone risk without taking into account potential shareholder support was upgraded from ‘B+’ to ‘BB-‘.
AccessBank CEO Michael Hoffmann commented on the rating action: "The assessment of Fitch reflects AccessBank's successful development and achievements. The Bank maintains the highest credit rating in the Azerbaijani banking sector (‘BB+’). We are in particular proud on the upgrade of our viability rating (VR) to ‘BB’- which confirms the successful work of the entire team during recent years.
The upgrade of AccessBank's VR to ‘BB-‘ from ‘B+’ reflects the bank’s extended track record of sound performance in a challenging operating environment, its sound financial metrics in terms of profitability, asset quality and capitalization, and strong governance and management.
The full overview over the rating actions is as follows:
Long-term IDR: affirmed at BB+, outlook stable
Short-term IDR: affirmed at B
Viability Rating: affirmed at BB-
Support Rating: affirmed at 3
For more information and other news from AccessBank Azerbaijan, please visit the bank's website: http://accessbank.az