Moody's Investors Servicehas upgraded OJSC Xalq Bank's long-term local and foreign currency depositratings to B2 from B3.

Moody's affirmed XalqBank's standalone E+ bank financial strength rating (BFSR), which is equivalentto a baseline credit assessment (BCA) of b3, and the bank's Not Primeshort-term local and foreign currency deposit ratings.

At the same time, Moody'sassigned low probability of systemic support to the Azerbaijan-based Xalq bank,resulting in one notch of uplift above its BCA. All the aforementioned long-termratings carry a stable outlook.

ANN.Az