Moody`s upgraded Bank of Baku`s rating to B1
Baku, December 19 (AZERTAC). International Rating Agency Moody`s Investors Service has upgraded OJSC Bank of Baku`s long-term local and foreign-currency deposit ratings to B1 from B2.
Moody`s rating action is primarily based on Bank of Baku`s audited financial statements for 2012 prepared under consolidated IFRS, as well as the bank`s unaudited financial statements for 30 November 2013.
According to Moody`s, the rating action reflects the bank`s good asset quality, leading to lower credit costs compared with those of similarly rated peers; and healthy capital buffer, which, together with a robust pre-provision profitability, provide the bank with good loss-absorption capacity.
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