Moody's downgrades Bank Technique's deposit ratings; outlook negative

The outlook on the long-term deposit ratings is negative.

At the same time, Moody's affirmed the Not-Prime short-term local and foreign-currency deposit ratings. These actions conclude the review on the bank's ratings initiated on 06 May 2015, when Bank Technique's ratings were placed on review for downgrade.

Moody's has also assigned Counterparty Risk Assessments (CR Assessments) of Caa1(cr)/Not-Prime(cr), following the publication of the rating agency's new bank rating methodology. 

Headquartered in Baku, Azerbaijan, Bank Technique reported total assets of AZN568.5 million, total shareholders' equity of AZN49.8 million and net income of AZN1.3 million, according to audited International Financial Reporting Standards as of 30 June 2014.