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.
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