The international rating agency Standard & Poor's has reaffirmed the long-term Issuing Bank Default Rating (IBDR) of PASHA Bank, Azerbaijan's leading corporate bank, at ВВ-. PASHA Bank also retains its B level short-term IBDR rating. These ratings are among the highest of all private banks in Azerbaijan with 100% local capital.
In their report, Standard & Poor's highlighted the important role PASHA Bank plays in Azerbaijan's banking sector. When evaluating the Bank's business position, Standards & Poor's took into account both the Bank's considerable market share in the corporate segment and the experience of the management team.
According to PASHA Bank's CEO, Taleh Kazimov, the latest rating acknowledges the Bank's reliability, strong market position and professional team.
"Despite the increased macroeconomic challenges, we, as a regional financial institution, have continued supporting our customers, offering them professional expertise and bespoke services. The confirmation of PASHA Bank's rating demonstrates both our stable financial position in the countries of our operations, as well as our clients' growing confidence in us as a business partner," commented Mr Kazimov.