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Fitch upgrades International Bank of Azerbaijan's ratings

Fitch Ratings on Nov. 21 upgraded OJSC International Bank of Azerbaijan's long- and short-term issuer default ratings to B-/B from RD/RD, with a stable outlook on the long-term rating.

Fitch also upgraded the Azeri lender's viability rating to "ccc" from "f," while the bank's support rating and support rating floor were affirmed at 5 and No Floor, respectively.

The upgrade of the bank's ratings follows the completion of its debt restructuring Sept. 1 and the latest transfer of bad assets off the lender's balance sheet, which the rating agency expects to be completed shortly.

The viability rating reflects International Bank of Azerbaijan's still large exposure to market risks given its sizeable unhedged short foreign-currency position, while the long-term issuer default rating is based on Fitch's view that the probability of the lender defaulting on its senior third-party obligations is slightly lower than it failing.