Fitch Ratings AccessBank-ın uzunmüddətli kredit reytinqini “BB” kateqoriyasında, “Sabit ” proqznozla “BB-” səviyyəsində təsdiqlədi

Fitch Ratings AccessBank-ın uzunmüddətli kredit reytinqini “BB” kateqoriyasında, “Sabit ” proqznozla “BB-” səviyyəsində təsdiqləyib. Bu barədə "Marja"ya Bankdan bildirilib.

Məlumatda qeyd olunur ki, AccessBank Azərbaycanın maliyyə institutları arasında ən yüksək reytinqini qoruyub saxlayır.

"Agentlik həmçinin, Bankın Dəstək Reytinqini "3" səviyyəsində təsdiqləyib, bu da bankın səhmdarlar tərəfindən davamlı dəstəkləndiyinin göstəricisidir",-məlumatda deyilir.

"Mövcud reytinq  Bankın cari bazar şəraitində sağlam mövqeyini əks etdirir. Güclü tərəfdaşlarımız və onların dəstəyini qazanmaq bu çərçivədə əhəmiyyətli bir aktivdir. Bazarda mikro, kiçik və orta sahibkarlığın maliyyələşdirlməsi üzrə aparıcı mövqeyimizə əsaslanaraq, biz rəqəmsal xidmət kanalları daxil olmaqla fərdi maliyyə xidmətləri göstərərək müştərilərimizə maksimum dərəcədə dəstək göstərməyə davam edirik” - AccessBank-ın İdarə Heyətinin sədri  Dr. Rolf Reichardt reytinqi şərh etdi.

AccessBank 2002-ci ildə Qara Dəniz Ticarət və İnkişaf Bankı, Avropa Yenidənqurma və İnkişaf Bankı, Beynəlxalq Maliyyə Korporasiyası, KfW, LFS Financial Systems GmbH adlı Alman konsaltinq şirkəti və AccessHoldinq tərəfindən yaradılıb. Azərbaycanın aparıcı banklarından biri olan AccessBank tam çeşidli bank xidmətləri təqdim edir.

Fitch Downgrades AccessBank to 'BB-'; Outlook Stable

Fitch Ratings-Moscow/London-06 September 2017: Fitch Ratings has downgraded Azerbaijan-based AccessBank's Long-Term Issuer Default Rating (IDR) to 'BB-' from 'BB+'. The Outlook is Stable. At the same time, the agency has affirmed the bank's Viability Rating (VR) at 'f'. A full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS 

IDRS AND SUPPORT RATING

The downgrade of AccessBank's Long-Term IDR reflects Fitch's reassessment of the likelihood of support that the bank may receive from its core international financial institution (IFI) shareholders.

Fitch has reassessed its view of the propensity and willingness of the core shareholders to provide support to AB, primarily due to the weak recent track record of capital support, which in Fitch's view has been somewhat delayed and has not yet been sufficient to restore the capital position of the bank. The reassessment also takes into account the bank's recent weak financial results and significant uncertainty about future performance prospects, which we believe will constrain its ability to develop further as a microfinance lender in Azerbaijan.

AccessBank has not been in compliance with prudential capital requirements since the beginning of 2017 and has therefore been relied on regulatory forbearance. The shareholders provided USD20 million of equity in March 2017 and are committed to inject a further USD12 million by the end of September 2017 to make the bank's total capital above the regulatory minimum of AZN50 million. However, these contributions are unlikely to be sufficient to achieve compliance with required capital adequacy ratios given further losses reported by the bank.

Fitch has maintained the bank's Long-Term IDR in the 'BB' category and affirmed the Support Rating at '3', reflecting the agency's view that there is still a moderate probability of support for the bank. This view is based on the IFIs' strategic commitment to microfinance lending in emerging markets, the IFIs' direct ownership of AccessBank, stemming from their participation as founding shareholders, and the fact that capital contributions have been made in 2017 and may be considered again in 2018, depending on the bank's capital position.

The Stable Outlook reflects Fitch's view that the capital support provided by the IFI shareholders is likely to be eventually sufficient to restore the bank's capital position and enable it to continue fulfilling its obligations to creditors.

VR

The affirmation of AccessBank's VR at 'f' reflects the fact that the bank continues to have a material capital shortfall. The agency downgraded the bank's VR in February 2017 following a sizable impairment-driven loss, which resulted in the bank's regulatory capital ratios falling to low levels (see 'Fitch Downgrades AccessBank's VR to 'f'; Affirms IDR at 'BB+'; Outlook Negative' dated 1 February 2017 on www.fitchratings.com).

At end-1H17, the Fitch Core Capital (FCC) remained low, at an estimated 3% of Basel risk-weighted assets. There has been no improvement since end-2016 despite the March 2017 USD20 million (AZN35 million equivalent) capital contribution due to the sizable impairment-driven loss of AZN43 million, incurred by AccessBank in 1H17. The regulatory Tier 1 and total capital ratios were 2.2% and 4.5%, respectively. The upcoming equity injection of USD12 million (AZN20 million equivalent) should improve regulatory ratios to 4.3% and 7.7%, respectively, according to Fitch's estimates (which also take into account estimated losses for 3Q17), which would still be just below the regulatory minimum levels of 5% and 10%. 

Furthermore, the capital position will remain vulnerable as a result of sizable unreserved non-performing loans (NPLs; loans overdue by more than 90 days) of AZN71 million, or 2.4x Tier 1 capital after the anticipated equity injection. Internal capital generation is an additional source of weakness. The 1H17 net loss of AZN43 million was mostly due to high impairment-related expenses of AZN38 million. However, even net of these (i.e. on a pre-impairment basis before foreign-currency movements) AccessBank would have still been loss making due to reduced loan issuance, tight margins and high operating expenses.

AccessBank's funding profile has been stable. At end-1H17, wholesale funding maturing within 12 months was equal to around 17% of total liabilities, while the available liquidity buffer moderately exceeded this. However, Fitch views the liquidity position as only moderate given the fact that most wholesale funding repayments are in foreign currency, while more than half of available liquidity is in local currency, and banks' ability to convert local into foreign currency in Azerbaijan has been significantly constrained by lack of FX supply. 

RATING SENSITIVITIES

Fitch does not expect to further downgrade of AccessBank's Long-Term IDR and Support Rating, as reflected by the Stable Outlook. However, further prolonged delays with the provision of sufficient capital support could result in a downgrade. Upside for the Long-Term IDR is currently limited given the recent weak track record of capital support.

Fitch will upgrade AccessBank's VR once the bank achieves sustainable compliance with regulatory capital requirements and is no longer reliant on regulatory forbearance. However, the rating will probably be at a low sub-investment grade level given sizable asset quality problems and the bank's likely weak future performance.

The rating actions are as follows: 

Long-Term IDR: downgraded to 'BB-' from 'BB+'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'f'
Support Rating: affirmed at '3'