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Moody's downgrades long-term bank deposit ratings of IBA-Moscow

26 July 2017 05:37 (UTC +04:00)

Moody's Investors Service has today downgraded IBA-Moscow's (IBAM) long-term foreign- and local-currency deposit ratings to B3 from B2, APA reports quoting Moody's Investors Service.

Its adjusted baseline credit assessment (BCA) to b3 from b2 and the long-term Counterparty Risk Assessment (CRA) to B2(cr) from B1(cr). The rating actions reflect the reassessment of parental support from the International Bank of Azerbaijan (IBA; LT Bank Deposits Caa1 positive, senior unsecured debt Caa2 stable, BCA caa3). The outlook on IBAM's long-term deposit ratings is stable.

At the same time, Moody's confirmed the bank's BCA at b3, and affirmed the Not Prime short-term deposit ratings and the Not Prime(cr) short-term CRA. These actions conclude the review on the bank's ratings initiated on 18 May 2017, when IBAM's ratings were placed on review for downgrade.

International Bank of Azerbaijan — Moscow (IBA-Moscow) passed registration in 2002. The sole participant of the bank, which was established as a limited liability company with 100% foreign capital, is Baku-based International Bank of Azerbaijan (IBA).