Source: Micro Finance Bank of Azerbaijan.
Original press release available here.
BAKU, AZERBAIJAN, August 5 – Today it was announced that Fitch Ratings has assigned Micro Finance Bank of Azerbaijan (MFBA) ratings of Long-term Issuer Default (IDR) ‘BB+’ (BB plus), Short-term IDR ‘B’, Individual ‘D/E’, Support ‘3’ and Support Rating Floor ‘No Floor’. The Outlook for the Long-term IDR is Stable. This makes MFBA the highest rated private financial institution in Azerbaijan and is international recognition of the strength of MFBA’s shareholder structure and risk management. Azerbaijan’s Sovereign Country Rating Ceiling is ‘BB+’.
In its rating report Fitch recognised that MFBA has been ‘performing well’, ‘asset quality has been sound to date’ and ‘MFBA’s liquidity is comfortable’. Fitch also noted that through the first half of 2008 ‘MFBA continued to strengthen its profitability, improving all major performance ratios.’
General Manager Andrew Pospielovsky, welcoming the announcement said, “It is a great honour for MFBA staff to receive international recognition as the strongest private bank in Azerbaijan – the staff work very hard to make MFBA better every day. The current rating is an indicator of the financial stability and reliability of our bank. We hope this rating will give all Azerbaijani citizens even more confidence that in selecting MFBA they have chosen a partner they can trust for all their banking needs.”
Fitch Ratings is a global leader in bank credit rating and its ratings are recognized internationally.
Micro Finance Bank of Azerbaijan was created to be Azerbaijan’s bank for micro and small business and low and medium income families. MFBA is 100 percent foreign owned by six international organizations: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, the KfW Development Bank – the Development Bank of the German Government (with a 20 percent share each), Access Microfinance Holding AG – a leading investor in microfinance (16.5 percent) and LFS Financial Systems GmbH (3.5 percent) – a German consulting company.
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