OREANDA-NEWS.  On 01 February 2013, Fitch Ratings has affirmed AccessBank’s long-term foreign currency Issuer Default Rating (IDR) at BB+. The outlook is stable. In doing so Fitch has left the most important credit rating for the Bank unchanged which is the highest in the Azerbaijani banking sector.

The viability rating – which excludes shareholder support – has been affirmed at b+. Fitch highlighted the Bank’s solid asset quality, a healthy liquidity profile underpinned by the fast amortizing and relatively liquid loan book, solid asset quality and performance to date and significant loss absorption capacity. The rating agency also focused attention to potential risks stemming from a potential downturn in the economy at some point in time in the future which could be particularly challenging for AccessBank’s SME borrowers.   

“The affirmation of our BB+ rating supports the positive dynamics in AccessBank’s development which is characterized by continuous strong growth of our lending activities in particular to micro clients in the regions of the country. At the same time we have been able to maintain excellent portfolio quality and benefit from being endowed with a sound equity base” commented Michael Hoffmann, Chief Executive Officer of Accessbank.
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 b+
Support Rating: affirmed at 3