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S&P upgrades ratings on Muganbank

21 June 2018 08:48 (UTC +04:00)

Standard & Poor's (S&P) Global Ratings raised its short-term and long-term issuer credit ratings to 'B-/B' from 'CCC+/C+' on MuganBank OJSC. The Outlook is stable.

According to the agency, in 2017 Muganbank improved its liquidity ratio on current and settlement account through involving corporate financing. At the same time, it managed to create additional liquidity ratio in sale and amortization of retail sale portfolio.

As of December 31, 2017, bank’s liquidity ratio increased from AZN 11 million to AZN 63 million, which makes up 25% of customer deposits.

Moreover, the agency reported that bank’s all indicators and liquidity on financing have improved.

Standard & Poor’s thinks that the bank will also show resistance to worsening of possible operating conditions.