Fitch upgrades Moscow-based International Investment Bank to “BBB”

By bne IntelliNews December 8, 2016

Fitch Ratings upgraded the long-term foreign currency Issuer Default Rating of the Moscow-based International Investment Bank to “BBB” from “BBB-” with a stable outlook, in the agency’s first change to the institution’s creditworthiness since assigning a rating in 2013.

The upgrade was driven by the “continuing diversification of the Bank’s operations in Central and Eastern Europe”, “the strengthening of risk management policies” and “the reduction of risks related to business environment”, Fitch said in a statement on December 7.

IIB’s Chairman of the Board, Nikolay Kosov, said: “The rating upgrade by Fitch objectively reflects the growing attractiveness of IIB’s securities and its financial stability despite [the] unfavourable external environment.”

Fitch was the first agency in IIB’s history to rate the bank, assigning it a “BBB-“ rating in 2013, based on the external support from the bank’s shareholders.

The IIB is a multilateral development institution founded in 1970 and reformed in 2012. Its current nine members/shareholders are Bulgaria, Cuba, Czech Republic, Hungary, Mongolia, Romania, Russia, Slovakia and Vietnam, all participating through intergovernmental agreements.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    10 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  5. Russia’s war economy boosted by rising oil prices
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    25 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    30 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    23 days ago

Reports

Dismiss