Moody's changes outlook on B2 ratings of Azerbaijan's UniBank

Moody's Investors Service today changed the outlook on Azerbaijan's UniBank Commercial Bank's B2 long-term local and foreign currency deposit ratings to positive from stable.

Concurrently, Moody's affirmed the bank's B2 long-term local and foreign currency deposit ratings, standalone E+ bank financial strength rating (BFSR), mapping to baseline credit assessment of b2, and Not Prime short-term bank deposit ratings.

The change of rating outlook to positive reflects UniBank's improved financial fundamentals, including good profitability and capitalisation, which provide an ample loss absorption cushion against recent rapid growth of consumer loans, Moody's said by e-mail.

According to Moody's, the positive outlook on UniBank's ratings reflects improved recurring earnings generation; and good capitalisation sufficient to absorb expected credit losses under Moody's stress scenario.

ANN.Az