"Moody's Investors Service" beynəlxalq kredit reytinqi agentliyi Azərbaycanın "Bank of Baku" ASC-nin uzunmüddətli xarici və yerli valyuta ilə depozit reytinqini və kredit ödəmə qabiliyyətinin baza səviyyəsini (Baseline Credit Assessments - BCA)  "Caa1"dən "Caa3"ə dəyişdirib.

"Marja" xəbər verir ki, bundan başqa, Bankın kontragent riskləri üzrə reytinqi (CR Assessment) "B3"dən "Caa2"yə dəyişdirilib. 

2015-16-da digər əksər banklar kimi "Bank of Baku"nun da ödənməyən kreditlərə görə kredit xərcləri artmışdır. Gəlirlərlərin  böyük hissəsi ödənməyən kreditlər üzrə ehtiyatların yaradılmasına yönəldilib, nəticədə yaranmış zərər Bankın kapitalının azalmasına səbəb olub. Hazırda vəziyyət sabitləşmiş, "Bank of Baku" bu il xeyli yeniliklər təqdim edərək bazarda öz mövqeyini qoruyub. Növbəti addım Bankın kapitalının artırılaraq minimal tələbin təmin edilməsidir. 
 

KAPİTALIN 91 MİLYON MANAT ARTIRILMASI BARƏDƏ QƏRAR VAR

Bu ilin İyun ayında "Bank of Baku"nun səhmdarları bankın  kapitalının 91 milyon manat artırılması barədə qərar qəbul etmişdi. Moody's qeyd edib ki, Agentlik, səhmdarların qəti planları, əlavə dəstəyi və digər yerli banklarla birləşmə planları barədə məlumatsızdır.

Moody's downgrades OJSC Bank of Baku's ratings to Caa3; outlook negative

London, 19 December 2017 -- Moody's Investors Service has today downgraded OJSC Bank of Baku's (BoB) long-term foreign- and local-currency deposit ratings to Caa3 from Caa1. The bank's baseline credit assessment (BCA) and adjusted baseline credit assessments were downgraded to caa3 from caa1. The outlook on the long-term local- and foreign-currency deposit ratings remain negative.

The bank's Not-Prime short-term foreign-currency and local-currency deposit ratings were affirmed. Concurrently, Moody's has downgraded the bank's long-term Counterparty Risk Assessment (CR Assessment) to Caa2(cr) from B3(cr) and affirmed its short-term CR Assessment of Not Prime(cr).

The rating action reflects Moody's concerns regarding the depletion of the bank's equity as a result of heavy net losses, and the need for equity injection to meet the regulatory capital requirements. The negative outlook is driven by downside risks for the bank's financial standing stemming from ongoing net losses and weak pre-provision income.

RATINGS RATIONALE

BoB reported a negative tangible common equity of AZN4.9 million at the end 2016 under IFRS (unaudited report) as per Moody's estimates. This was largely driven by heavy credit costs in 2015-16. Over the first eleven months of 2017 the bank recognized a net loss of AZN35.2 million, according to its local GAAP accounts, due to elevated provisioning charges, along with weakened pre-provision income. This caused regulatory capital falling to AZN24.8 million as of 1 December 2017, which is below the minimal regulatory threshold of AZN50 million. In addition, regulatory Tier 1 and Total Capital Adequacy Ratios (CAR) fell to 3.8% and 7.3%, respectively below the required 5% and 10% as of the same date. The bank has informed Moody's that it is currently under regulatory forbearance until further notice.

Despite the shareholders' decision to increase the bank's equity by AZN91 million, taken at the general meeting in June 2017, no capital has been injected to date by the shareholders. The rating agency is not aware of the shareholders' definitive plans and the timing of any support for BoB, or plans to merge it with other local banks.

Moody's expects that BoB will remain loss-making in the next several quarters, and consequently, it needs an equity injection to meet the regulatory requirements. In addition, the business model of BoB and several other banks, focused on high-risk, unsecured consumer lending, is not sustainable in the current environment as the debt servicing capacity of households remains weak. This partially explains the regulatory forbearance measures applied to a few local banks, which solvency materially suffered over the recent challenging years.

WHAT COULD MOVE THE RATINGS UP / DOWN

The ratings could be upgraded and the outlook could be changed to stable if the shareholders replenish the bank's equity, or the bank improves its recurring revenues and net financial result, while maintaining adequate level of capitalization to meet the regulatory requirements.

The ratings could be lowered if there are indications of the bank's failure such as liquidity support beyond that normally associated with the particular class of institution, forbearance in order to delay loss recognition or resolution proceedings, or merger that is effectively mandated by the government on terms unlikely to be available commercially.

LIST OF AFFECTED RATINGS

Issuer: OJSC Bank of Baku

Downgraded

....LT Bank Deposits, Downgraded to Caa3 from Caa1, Outlook Remains Negative

....Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1;

....Baseline Credit Assessment, Downgraded to caa3 from caa1

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from B3(cr)

Affirmations:

....ST Bank Deposits, Affirmed NP

....ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

....Outlook, Remains Negative