Fitch Ratings has revised the Rating Watch on AGBank's (AGB) 'CCC' Issuer Default Rating (IDR) to Evolving from Negative. The agency has also downgraded AGB's Viability Rating (VR) to 'f' from 'ccc' and removed it from Rating Watch Negative (RWN).
Fitch has also maintained Demirbank's (Demir) 'B' Long-term IDR on RWN.
The rating actions follow the recent announcements of the anticipated merger between Demir and AGB. We placed both banks' IDRs on RWN on 24 December 2015 shortly after the sharp manat devaluation, which caused a significant weakening of both banks' capital positions.
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