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Fitch withdraws Azerbaijan-based AtaBank's ratings

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Fitch withdraws Azerbaijan-based AtaBank's ratings

Fitch Ratings on June 4 withdrew Azerbaijan-based AtaBank OJSC's CCC/C long- and short-term issuer default ratings, as the lender has chosen to stop participating in the agency's rating process.

As a result, Fitch has insufficient information to assess the bank's credit profile and also withdrew the lender's "ccc" viability rating, 5 support rating and No Floor rating floor. The long-term rating and viability rating were on Rating Watch Evolving at the time of withdrawal.

Meanwhile, the rating agency affirmed fellow Azeri lender Expressbank OJSC's B/B long- and short-term issuer default ratings, "b" viability rating, 5 support rating and No Floor support rating floor. The outlook on the long-term rating is stable.

The affirmation of Expressbank's ratings reflects its stabilized asset quality, solid capital buffers, limited exposure to foreign-exchange risks and comfortable liquidity, according to Fitch.