OJSC XALQ BANK -- Moody's takes rating actions on six Azerbaijani banks

London, 21 January 2016 -- Moody's Investors Service has today taken rating actions on six Azerbaijani banks. Moody's downgraded the Baseline Credit Assessments (BCAs) and downgraded the long-term deposit ratings of VTB Bank (Azerbaijan), OJSC Bank of Baku and UniBank Commercial Bank with a negative outlook. Moody's also changed the outlook to negative from stable on the long-term deposit ratings of OJSC XALQ BANK, Joint Stock Commercal Bank Respublika and Kapital Bank OJSC, while the banks' ratings were affirmed. The long-term deposit and senior unsecured debt rating of International Bank of Azerbaijan at Ba3 with a stable outlook and BCA at b3 were unaffected.

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