News from AccessBank in Azerbaijan
Fitch Confirms AccessBank’s BB+ Rating
Baku, 4 March 4 2011 - Fitch Ratings has today affirmed its ratings for AccessBank without any changes. AccessBank’s Long-term foreign currency Issuer Default Rating (IDR) was confirmed at 'BB+' with ‘Outlook Stable’ – the highest among Azerbaijan’s private banks. The Short-term IDR was affirmed at ‘B’ and the Individual Rating at ‘D’ – the highest in the country.
The affirmation of AccessBank's IDR reflects Fitch's view of the probability of support available from its international financial institution shareholders. AccessBank’s Individual Rating ‘D’ reflects the bank’s resilient asset quality, strong performance metrics, the currently significant liquidity cushion and solid capitalization.
Dr. Andrew Pospielovsky, the General Manager of AccessBank, welcoming the announcement by Fitch Ratings said: “The repeated reconfirmation by Fitch Ratings of AccessBank as the highest rated non-state owned bank in Azerbaijan is a testimony to the stability and strength of AccessBank.”
Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data. With 50 offices worldwide, Fitch Ratings’ global expertise, built on a foundation of local market experience, spans across capital markets in over 150 countries. Fitch Ratings is widely recognized by investors, issuers, and bankers for its credible, transparent, and timely coverage.
AccessBank is 100% foreign owned by six shareholders: European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government (20% share each), AccessHolding - a strategic investor in microfinance (16.5%), and LFS Financial Systems - a German consulting company (3.5%).