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ECONOMY

Fitch upgrades Azerbaijan Mortgage Fund to `BB+` on Sovereign Action

28.11.2010 [13:47]
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Baku, November 28 (AZERTAC). Fitch Ratings has upgraded the Azerbaijan Mortgage Fund`s (AMF) Long-term foreign and local currency ratings to `BB+` from `BB` respectively, following the agency`s recent sovereign upgrade. The Outlooks are Stable. Azerbaijan`s Long-term foreign and local currency Issuer Default ratings (IDRs) were upgraded to `BBB-` from `BB+`, with Stable Outlooks. AMF is a public-sector entity (PSE) controlled by the Central Bank of Azerbaijan.

AMF`s ratings are notched down from Azerbaijan`s Long-term local currency and foreign currency IDRs to reflect its PSE status, sovereign control through the central bank, and the important role of AMF in implementing the national government`s housing finance policy. The notching further captures Fitch`s view on the currently available support mechanisms for the entity from the government.

AMF was established as a PSE in September 2005 by a of the President of the Republic of Azerbaijan. Its charter was approved by a separate presidential decree in December 2005. AMF`s main purpose is to create funding mechanisms which provide home ownership to Azerbaijani citizens, through long-term financing, and to attract domestic and foreign investment into mortgage financing.

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