The long-term issuer default rating in foreign currency of Unibank is kept at the level B, with the former stable outlook changed to negative.
According to the the international rating agency Fitch Ratings, the bank's short-term rating is the same with a stability rating B, but with the unrated Support Rating Floor.
According to Fitch, candidates for the downgrade are also JSC Demir Bank (B), JSC Ata Bank (B-), and JSC AG Bank (CCC).
JSC Unibank was created in October 2002. In the authorized capital 66.21% belongs to individuals, and 33.79% - to legal entities, including 12.15% to EBRD and 6.68% - to the German company DEG. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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