Unibank ceases cooperation with Moody’s - UPDATED

Unibank ceases cooperation with Moody’s - <span style="color: red;">UPDATED</span>
# 07 February 2017 07:20 (UTC +04:00)

Bank says the credit rating is required during attraction of funds from foreign markets: “There is no need for expensive ratings due to possibility of attraction of cheaper and more sufficient funds from domestic market than foreign markets. Therefore, the cooperation with Moody’s was ceased. If we attract funds from foreign markets, we’ll reconsider the cooperation. We paid much to Moody’s for rating. As there was no need for rating and we took into account the optimizing of the expenditures, we ceased the cooperation”.


*** 10:20


Moody's Investors Service has today withdrawn UniBank Commercial Bank's ratings, including long-term local and foreign-currency deposit rating of B3 and short-term local and foreign-currency ratings of Not-Prime.


Moody's has also withdrawn bank's baseline credit assessment (BCA) and adjusted BCA of b3 and counterparty risk assessments of B2(cr)/Not-Prime(cr). Before the withdrawal, the outlook on the bank's long-term deposit ratings was negative.


Moody's has withdrawn the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.


Headquartered in Baku, Azerbaijan, UniBank Commercial Bank reported total assets of AZN 727.6 million as of 1 October 2016, according to local financials.