Fitch: Risks for Azerbaijani banks

Fitch Ratings said in a special report that the deterioration in Azerbaijani banks' asset quality in 2009 highlights weaknesses in both the banking sector and the broader economy.

Although Fitch said it has not downgraded the issuer default ratings of any Azerbaijani banks during the crisis to date, reflecting available support and already low rating levels. There is significant performance and downside risk for the sector in the near- to medium-term, mainly due to asset quality weaknesses, the agency said.

The Azerbaijani economy has been less affected by the global crisis than some peers, Moody's said. However, asset quality in the banking sector has proved to be sensitive to the weaker operating environment, the agency added.

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