The rating agency Fitch Ratings raised the long-term default rating of Capital Bank from the level of 'B +' to 'BB-'. Rating stability of the bank increased from 'b' to 'b +', the report says the company.
In addition, Fitch confirmed the bank's long-term rating in foreign currency at 'BB-' with a "stable" outlook, short-term - 'B', and support rating - at '3'.
The report of the rating agency pointed out that the increase in the rating of Capital Bank was due to its support from the government as required.
Improving the bank’s rating indicator is also linked to its entry into the group of companies Pasha Holding: the bank holding group owns 14.1% of the total deposit portfolio and 8.8% of the loan portfolio in Azerbaijan. The capital adequacy ratio of Capital Bank reached 19.2% in H1 of 2015. --08D
Economics
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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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