Moody's Investors Service has downgraded Bank Technique OJSC's long-term local- and foreign-currency deposit ratings to Caa2 from Caa1 and its baseline credit assessment (BCA) to caa3 from caa2, reflecting the lack of capital support following the weakening of the bank's capital cushion due to a one-off foreign-currency revaluation loss in February.
The outlook on the long-term deposit ratings is negative.
At the same time, Moody's affirmed the Not-Prime short-term local and foreign-currency deposit ratings. These actions conclude the review on the bank's ratings initiated on 06 May 2015, when Bank Technique's ratings were placed on review for downgrade.
Moody's has also assigned Counterparty Risk Assessments (CR Assessments) of Caa1(cr)/Not-Prime(cr), following the publication of the rating agency's new bank rating methodology.
Headquartered in Baku, Azerbaijan, Bank Technique reported total assets of AZN568.5 million, total shareholders' equity of AZN49.8 million and net income of AZN1.3 million, according to audited International Financial Reporting Standards as of 30 June 2014.
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