Fitch Ratings on June 4 upgraded OJSC International Bank of Azerbaijan's viability rating to "b-" from "ccc," resolving the placement of the rating on Rating Watch Evolving.
The rating agency affirmed the lender's long- and short-term issuer default ratings at B-/B, with a stable outlook on the long-term rating.
The bank's support rating and support rating floor were also affirmed at 5 and No Floor, respectively.
Fitch said that a positive action on the bank's support rating and support rating floor was unlikely in the near future given its recent default.
The viability rating's upgrade aligns the rating with the lender's B- long-term issuer debt and senior debt ratings and reflects improvement in the bank's profitability and reduced pressure on its capitalization, according to the agency.
