Moody's Investors Service has assigned Counterparty Risk Assessments (CR Assessments) to six Azerbaijani banks following the publication of the rating agency's new bank rating methodology:
-- Ba2(cr) to International Bank of Azerbaijan
-- Ba3(cr) to OJSC Bank of Baku and VTB Bank (Azerbaijan)
-- B1(cr) to UniBank Commercial Bank, Joint Stock Commercal Bank
Respublika and OJSC Xalq Bank
Concurrently, Not-Prime(cr) short-term CR Assessments have been assigned to all the above-mentioned banks.
Moody's has also affirmed the ratings and assessments of International Bank of Azerbaijan, UniBank Commercial Bank and Joint Stock Commercal Bank Respublika and changed the outlooks on their long-term debt ratings to stable from positive, given the challenging operating environment in Azerbaijan (Baa3 stable), that pressures the banks' financial fundamentals.
Other bank-specific reasons for the affirmations that partly offset the weak operating environment can be found below, under "Bank Specific Factors".
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