Moody's upgrades Bank of Baku to B1; outlook stable

Moody's Investors Service today upgraded OJSC Bank of Baku's long-term local and foreign-currency deposit ratingsto B1 from B2. Concurrently, Moody's has affirmed the bank's standalone E+ bank financial strength rating (BFSR), and raised the equivalent baseline credit assessment (BCA) to b1 from b2.Moody's also affirmed the bank's Not Prime short-term local and foreign-currency deposit ratings.All the aforementioned long-term ratings carry a stable outlook.The rating upgrade reflects Bank of Baku's track record of strong financial performance and Moody's expectation that the bank's standalone credit worthiness will remain robust for the foreseeable future.

Moody's rating action is primarily based on Bank of Baku's audited financial statements for 2012 prepared under  consolidated IFRS, as well as the bank's unaudited financial statements for 30 November 2013, prepared in accordance with the non-consolidated local GAAP.

ANN.Az