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Fitch downgrades Azerbaijan's Atabank following merger

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Fitch downgrades Azerbaijan's Atabank following merger

Fitch Ratings on Aug. 10 downgraded the long- and short-term issuer default ratings of AtaBank OJSC to CCC/C from B-/B and its viability rating to "ccc" from "b-."

The downgrade reflects the agency's view that the bank's credit profile emerged weaker than previously anticipated following its merger with Caspian Development Bank OJSC.

The agency affirmed the bank's support rating of 5 as well as its No Floor support rating floor.

Fitch also affirmed Azerbaijan-based Expressbank's B/B long- and short-term issuer default ratings, "b" viability rating, 5 support rating and No Floor support rating floor.