Fitch Ratings has confirmed the BB+ rating of AccessBank – the highest rating in Azerbaijan

Baku, April 27, 2009. Fitch Ratings confirmed their previous rating of AccessBank at the same level, again making it the highest rated financial insitution in Azerbaijan. Fitch confirmed the long-term issuer default rating of “ВВ+” with a “Stable” forecast; a short-term issuer default rating of “В”; an individual “D/E” rating; a supporting “3” rating; and a “Stable” forecast for the long-term issuer default rating. The rating of Azerbaijan itself is “ВВ+” and as the rating of an organization cannot exceed the rating of the country, AccessBank has received the highest rating possible in Azerbaijan. This high rating was based on the strong international shareholders of the bank as well as the quality of risk management.

In its press release, Ftitch stated that the confirmation of the long-term issuer default rating of AccessBank reflects the high probability of support for AccessBank from its shareholders. While the individual “D/E” rating is supported by relatively strong capitalization, low loan impairments,
and moderate refinancing risk due to the large share of relatively stable funding from dedicated microfinance funds, which is diversified by maturity and creditors.

Dr. Andrew Pospielovsky, the General Manager of AccessBank, said: “It is a great honour for AccessBank to receive international recognition as the strongest private bank in Azerbaijan. Confirmation of this rating without any changes, in the present economic climate, reflects the financial stability and reliability of our bank. We hope this rating will give all our clients even more confidence that in selecting AccessBank they have chosen a partner they can trust for all their banking needs.”

Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data. With 50 offices worldwide, Fitch Ratings’ global expertise, built on a foundation of local market experience, spans across capital markets in over 150 countries. Fitch Ratings is widely recognized by investors, issuers, and bankers for its credible, transparent, and timely coverage.