Moody's lowers Technikabank

Moody's Investors Service said it has downgraded the long-term foreign and local currency deposit ratings of Technikabank to B3 from B2.

The outlook for the long-term deposit ratings and the bank financial strength rating is stable following the downgrade, the agency said.

According to the agency, the bank's short-term foreign and local currency Not Prime deposit ratings were affirmed.

Moody's noted that the downgrade of Technikabank's long-term foreign and local currency deposit ratings reflects the bank's overall weakened risk profile as evidenced by deterioration of its asset quality, as well as pressured economic capitalization and funding base on the back of large borrowing from the Central Bank of Azerbaijan.

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