OREANDA-NEWS. Fitch Ratings has affirmed Azerbaijan-based AGBank's (AGB) ratings and simultaneously withdrawn them.

Fitch has withdrawn AGB's ratings as the bank has chosen to stop participating in the rating process, and Fitch will therefore no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for AGB.

KEY RATING DRIVERS
On 6 May 2016 Fitch downgraded AGB's Long-Term Issuer Default Rating (IDR) to 'RD' and then upgraded the rating to 'CCC' on completion of a distressed debt exchange (see 'Fitch Downgrades AGBank to 'RD'; Upgrades to 'CCC' On Recap' on www.fitchratings.com). Fitch has affirmed the ratings of AGB prior to withdrawal due to limited changes to its credit profile since the last rating action.