(The following statement was released by the rating agency)
Sept 03 - Standard & Poor's Ratings Services has reviewed the banking sector of the Republic
of Azerbaijan (BBB-/Stable/A-3) under our updated Banking Industry Country Risk Assessment
(BICRA) methodology. We place Azerbaijan in BICRA group '8', along with
Argentina, Kazakhstan, Uzbekistan, Nigeria, and Georgia. For the full report,
see "Banking Industry Country Risk Assessment: Azerbaijan", published on
RatingsDirect on the Global Credit Portal.
The BICRA comprises two main areas of analysis--economic risk and industry
risk--where Azerbaijan ranks '7' and '8', respectively.
Our economic risk score of '7' reflects our opinion that Azerbaijan faces
"high risk" in "economic resilience", "low risk" in "economic imbalances", and
"extremely high risk" in "credit risk in the economy", as our criteria define
Our industry risk score of '8' is based on our assessment that Azerbaijan
faces "very high risk" in its "institutional framework" and "systemwide
funding", while "very high risk" in its "competitive dynamics ", is "high
risk", as our criteria define those terms.
Azerbaijan has made important progress in recent years by stepping up bank
regulation and supervision, and bringing them gradually closer to
international best practices.
We classify Azerbaijan's government as "supportive" toward domestic banks. We
recognize the government's track record of providing support to the banking
system in times of exceptional stress.
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