Fitch Ratings Downgrades Rating of Demir Bank

Fitch Ratings has downgraded the long-term issuer default rating (IDR) of Azerbaijan OJSC Demir Bank to B- from B, the agency said.

The report notes that the downgrade reflects the view of Fitch that the bank's loan portfolio is significantly weakened compared to the previous review in November 2015.

‘The asset quality, the profitability and the capital position have deteriorated markedly,’ Fitch Ratings said.   -71D-

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