Fitch affirms five Azerbaijani banks

Fitch Ratings said it affirmed five Azerbaijani banks' long-term issuer default ratings, including Accessbank at BB+, AGBank at B-, Demirbank at B-, Unibank Commercial Bank at B- and Technikabank at B-.

Fitch also said it revised its outlook on AG Bank to stable from negative.

These actions reflect the ongoing stabilization of asset quality trends and the country's economy, Fitch said.

While some institutions may experience further downward pressure on asset quality, Fitch said it does not expect a significant system-wide deterioration relative to the end of 2009.

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