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AGBank May 11
Standard & Poors, May 2011
Abstract
Continued shareholder commitment and support, as highlighted by a recent capital injection. Consistent core revenue generation. High economic and industry risks in Azerbaijan. Deteriorated asset quality and tight provisioning. Deteriorating loan-to-deposit ratio. The ratings on Azerbaijan-based AGBank reflect high economic and industry risks in the Republic of Azerbaijan (BB+/Positive/B), deteriorated asset quality, tight provisioning, deteriorating loan-to-deposit ratio, and increasing funding vulnerabilities. Positive rating factors include continued shareholder commitment and support, as highlighted by a recent capital injection, and consistent core revenue generation. The ratings reflect our assessment of AGBank's stand-alone credit profile and do not include any uplift for potential external support, either from the owners or the government. Azerbaijani citizen Chingiz Asadullayev and his business partner own a controlling...
Companies mentioned in this report are: AGBank
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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