"Fitch Ratings" agentliyi "PAŞA Bank" ASC-nin uzunmüddətli emitent defoltu reytinqini "BB-"dən "B+"a salıb.

Bu barədə Agentliyin yaydığı məlumatda deyilir.

Agentlik həmçinin "PAŞA Yatırım Bankası A.Ş."nin milli uzunmüddətli reytinqini "A"dan "BBB+"a endirib. Hər iki reytinq üzrə proqnoz "neqativ"dən "stabil"ə yenilənib.

Fitch Downgrades Pasha Bank to 'B+' on Reassessment of Sovereign Support

Fitch Ratings has downgraded Azerbaijan-based Pasha Bank's (PB) Long-Term Issuer-Default Rating (IDR) to 'B+' from 'BB-'. Fitch has also downgraded the National Long-Term Rating of PB's Turkish subsidiary, Pasha Yatirim Bankasi A.S. (PBTR), to 'BBB+(tur)' from 'A(tur)'. The Outlooks on both ratings have been revised to Stable from Negative. A full list of rating actions is available at the end of this rating action commentary. 

KEY RATING DRIVERS 
The downgrade of PB's Long-Term IDR and Support Ratings is driven by the default of International Bank of Azerbaijan (IBA; 'Restricted Default') on its foreign currency non-deposit obligations (See 'Fitch Downgrades International Bank of Azerbaijan to 'RD'' on 24 May 2017 on www.fitchratings.com). In Fitch's view, the default of IBA, which is the largest bank in the country and government-owned, means that state support for less systemically-important, privately-owned banks cannot be relied upon. Accordingly, we have revised PB's Support Rating Floor downwards to 'No Floor' and downgraded the bank's Long-Term IDR to 'B+', which now reflects Fitch's view of PB's intrinsic strength, as expressed by the bank's Viability Rating (VR) of 'b+'.

Fitch still views PB's systemic importance as significant, as the bank is a part of the largest privately-owned banking group in the country, and together with its sister bank Kapital Bank holds around 15% of sector deposits. Fitch also acknowledges the benefits of PB being ultimately owned by a structure closely connected to the Azerbaijani authorities. However, Fitch's assessment of the track record of sovereign support for the banking sector as a whole as negative is now critical for the determination of the bank's SRF. 

The previously Negative Outlook on PB's IDR reflected that on the Azerbaijan sovereign. The Stable Outlook is now based on the relative stability of PB's intrinsic credit profile (which now drives the IDR) and our expectations for limited changes to the bank's performance and other financial metrics in the next 12-18 months. 

PBTR's National Rating is driven by potential support from the parent, PB, which owns 99.9% of PBTR's shares. The downgrade of PBTR's National Rating is driven by the downgrade of PB's Long-Term IDR. The Stable Outlook on PBTR mirrors that on PB.

Fitch's view on the probability of support for PBTR considers favourably, in addition to ownership, (i) the strategic importance of the subsidiary to its shareholder and its close integration, (ii) the sizable equity injection already made into PBTR, and (iii) the two banks' common branding. However, the support assessment also considers (i) PBTR's current rapid growth from a low base and gradually increasing leverage, which could make the potential cost of any future support more significant; (ii) PBTR's limited record of operations; and (iii) the cross-border nature of the parent-subsidiary relationship.

PBTR's asset quality metrics are so far strong; however, the book is unseasoned. PBTR's Fitch Core Capital ratio was a high 45% at end-1Q17, reflecting large initial capital injections made by PB.

RATING SENSITIVITIES
IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR
Downside pressure on PB's IDRs could result from a marked weakening of the bank's asset quality and capitalisation. Upside for PB would probably require a stabilisation of the operating environment, stronger asset quality and continuation of the currently high capital ratios.

PBTR's National Long-Term Rating and Outlook are primarily sensitive to changes in PB's Long-Term IDR and Outlook. PBTR's rating could also be affected should Fitch change its view on PB's commitment to PBTR or assign a VR to PBTR. A VR may be assigned in case of a longer track record of operations, a deeper stand-alone franchise and lower dependence on PB's funding. 

The rating actions are as follows: 

Pasha Bank
Long-Term IDR: downgraded to 'B+' from 'BB-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: 'b+', unaffected
Support Rating: downgraded '5' from '3'
Support Rating Floor: revised to 'No Floor' from 'BB-'

Pasha Yatirim Bankasi A.S.
National Long-term Rating: downgraded to 'BBB+(tur)' from 'A(tur)'; Outlook Stable