Fitch Ratings on May 24 affirmed the B-/B long- and short-term issuer default ratings of OJSC International Bank of Azerbaijan and revised the outlook on the long-term rating to positive from stable.

The rating agency also affirmed the lender's viability rating at "b-", support rating at 5 and support rating floor at No floor.

Fitch noted that the outlook revision and the affirmation of the viability rating reflect the bank's stabilized profile following its 2017 debt restructuring, its low-risk asset structure, sound liquidity and improved profitability. The ratings also reflect the bank's considerable foreign exchange exposure risk, business model and strategy, among other factors.