Fitch Ratings has assigned Azerbaijani bank OJSC Expressbank (EB) a Long-term Issuer Default Rating (IDR) of 'B'. The Outlook is Stable.

The ratings reflect risks stemming from a structurally weak Azerbaijani operating environment; EB's narrow domestic franchise and limited track record; significant exposure to related parties, albeit of fairly sound credit quality; and a rapidly growing and hence unseasoned retail loan book. 

The ratings also consider a high capital base, adequate asset quality metrics, decent performance to date, and close ties with the state authorities.