Fitch affirms four Azerbaijani private banks, downgrades AGBank

Fitch Ratings has affirmed the Long-term foreign currency Issuer Default Ratings (IDRs) of Expressbank (EB), Unibank's (Uni) and Demirbank's (Demir) at 'B', and Atabank (AB) at 'B-' The Outlooks on all four banks are Stable.

At the same time Fitch has downgraded the IDR of Azerbaijan-based AGBank (AGB) to 'CCC' from 'B-' and removed it from Rating Watch Negative (RWN). 

Fitch placed AGB's ratings on RWN in March 2015 due to a breach of regulatory capital adequacy as a result of a sharp 34% Azerbaijani manat devaluation against foreign currencies.