Moody's changes outlook on Bank Respublika's B2 ratings to positive

Moody's Investors Service has changed the outlook on the Azerbaijan-based Joint Stock Commercal Bank Respublika's B2 long-term deposit ratings to positive from stable.Moody's has 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 the bank's positive track record of sound financial performance, namely good asset quality, robust profitability and capitalisation.

Moody's rating action is primarily based on Bank Respublika's audited financial statements for 2012, prepared under onsolidated IFRS, as well as the bank's unaudited financial statements for 1 October 2013, prepared in accordance with the local GAAP.

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