Fitch Upgrades AccessBank to Investment Grade 'BBB-' Outlook Stable
Baku, December 11, 2014. Fitch Ratings has upgraded AccessBank's Long-term Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. The Outlook is Stable. With the rating upgrade to BBB- the Bank is advancing to a substantially higher level of creditworthiness being classified as Investment Grade which applies to all ratings of BBB- and higher. In the CIS region, so far only few banks have reached Investment Grade level and in Azerbaijan it is for the first time.
“The upgrade of our IDR Rating to Investment Grade is a new milestone for AccessBank and reflects the high stability and trustworthiness of the Bank”, commented Michael Hoffmann, CEO of AccessBank on the Rating Action. “The sound position of AccessBank is based on our strong shareholders and on the solid performance the Bank has been showing year by year in conducting its business and servicing the many thousands of clients we have in this country”.
The full list of rating actions is as follows:
Long-term IDR: upgraded to 'BBB-' from 'BB+';
Outlook Stable Short-term IDR: upgraded to 'F3' from 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: upgraded to '2' from '3' .