Baku, March 15, AZERTAC
The international rating agency Fitch Ratings has reconfirmed DemirBank’s B rating with stable outlook by the results of a regular assessment. This is one of the highest ratings among local banks.
“The high rating confirms the improvement of asset quality and sustainability of the Bank’s lending capacity in the long-term future. This rating has been a result of successful operations, better corporate governance, strengthened risk management tools and other positive factors,” the bank said in a statement. “Macroeconomic stability in Azerbaijan and favorable situation in the oil market have also positively affected the confirmation of the rating.”
DemirBank has cooperated with Fitch Ratings agency since 2004 and was the first bank in Azerbaijan to have an international rating. DemirBank also has B rating with stable outlook from the Planet Rating agency and was Azerbaijan’s first bank to acquire a social rating back in 2009.