Long-term Issuer Default Rating (IDR) of Access Bank (Azerbaijan) in foreign currency increased from the level BB + to the level BBB- with the rating outlook "stable".
According to the report on the website of Fitch Ratings, the short-term IDR upgraded to F3 with rated sustainability affirmed at bb- and improved support rating of 2.
The press release states that the improvement of parameters reflects the estimate of the probability of support that the bank may receive from its major shareholders - international financial institutions. Moreover, by July 1, the share of non-performing loans of the bank was only 0.2% of the total loan portfolio.
Access Bank shareholders are the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, German KfW, Access Holding, and LFS Financial Systems GmbH. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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