S&P Global Ratings affirmed its 'BB-/B' long- and short-term counterparty ratings on Azerbaijan-based PASHA Bank. The outlook remains negative.
The affirmation reflects our expectation that the bank's asset quality and projected credit losses will be close to the system average and will not materially deviate from those of peers within the next two years. At the same time, we expect that increased economic risks in Azerbaijan will continue to weigh on PASHA Bank's capital position.
PASHA Bank, comprising the PASHA group of companies, was established in June 2007 and acts on the basis of License №. 250 of the Central Bank of the Azerbaijan Republic dated November 28, 2007.more