OREANDA-NEWS. August 19, 2008. International rating agency of Moody's Investors Service has issued the press release which says that since July 30 the evaluation of rating of the International Bank of Azerbaijan has been changed from "Stable" to "Positive". Moody's has noted that the Bank's long-term rating in foreign currency is restrained by only the sovereign rating of Azerbaijan, the press-centre of IBA reported.

Other ratings of IBA, specifically: short-term with regard to deposits in a foreign currency - Not Prime, long-term with regard to deposits in a foreign currency - Ba2, long-term in the national currency - Baa2, short-term in the national currency - Prime-2 (P-2), long-term rating of subordinated debt instruments in foreign currency - Baа3 and financial support rating (E +) are confirmed at the previous levels.

The International Bank of Azerbaijan is the only bank in Azerbaijan, which forecast for evaluation of rating in foreign currency equals to that of the country and only IBA has been affected by the change in forecast for the country's rating from stable to positive.

In 2007, IBA reported about the consolidated net profit at a rate of AZN 74.5 million (USD 88.1 million) (in 2006: USD 43.2 million). In 2007, the Bank's assets increased by 47% as compared to the previous year and totaled AZN 2.7 billion (USD 3.2 billion) (2006: USD 2.12 billion).