OREANDA-NEWS. February 11, 2010. Fitch Ratings has upgraded AccessBank’s Individual Rating to D, from D/E, while reconfirming the BB+ Long-Term and B Short-Term Issuer Default Ratings – making AccessBank the highest rated financial insitution in Azerbaijan.  Fitch also reconfimed the outlook for the Long-Term Issuer Default Rating as ‘Stable’ and the Support rating at 3.  Fitch’s country rating and country ceiling for Azerbaijan is ВВ+ and as the rating of an organization cannot exceed the country ceiling, AccessBank’s Issuer Default Rating is aligned with that of the sovereign’s. This high rating is underpinned by the strong international shareholders of the bank. Accessbank’s Individual rating, now the highest among Azerbaijani banks, rated by Fitch, reflects the quality of risk management, good profitability and solid capitalisation.

In its press release, Fitch Ratings stated that “The upgrade of AB`s Individual rating to `D` from `D/E` reflects the bank`s sound asset quality performance during the financial crisis, solid capitalisation and good internal capital generation. The funding base is mostly focused on foreign institutions, but is well-diversified by creditors and maturities. AB`s Long-term IDR reflects Fitch`s view of the moderate probability of support available from its international financial institution  shareholders”

Dr. Andrew Pospielovsky, the General Manager of AccessBank, welcoming the announcement by Fitch Ratings said: “The rating upgrade and recognition by Fitch Ratings as the highest rated bank by stand-alone financial strength in Azerbaijan is a great reward for the dedication of all our staff. We hope this rating will give our clients even more confidence that in selecting AccessBank they have chosen a strong partner for all their banking needs.”

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