"Standard & Poor`s" (S&P) beynəlxalq reytinq agentliyi "Muğanbank" ASC-nin kredit reytinqini "B-/B" səviyyəsindən "ССС+/С" səviyyəsinədək endirib. Agentliyin yaydığı məlumata görə, reytinq üzrə proqnoz neqativdir.

"Reytinqin endirilməsi özündə bankın kreditləşmə qabiliyyətini ehtiva edir", - deyə agentliyin açıqlamasında deyilir.

Agentliyin analitikləri qeyd edir ki, Azərbaycanda hökm sürən əlverişsiz əməliyyat mühiti "Muğanbank"ın likvidliyinə və kapitallaşmasına da neqativ təsir edib.

S&P bildirir ki, 2016-cı ildə bank güclü depozit axını ilə üzləşib. Belə ki, manatın məzənnəsinin korreksiyasını da nəzərə alsaq, bankın depozit portfeli 30% azalıb. "Nəticədə bankın likvidliyi təzyiqlə üzləşib. Yüksəklikvidli aktivlərin həcmi isə təxminən 77% azalaraq 14,5 mln. manata çatıb. Onu da qeyd edək ki, 2017-ci ildə depozit axını səngiyib. Lakin bankın likvidlik ehtiyatı hazırda minimal həddədir ki, bu da riskləri artırır", - deyə məlumatda vurğulanıb. 

Reytinqlərin açılışı:

CCC - Emitent borc öhdəlikləri üzrə ödənişlərlə bağlı çətinlik çəkir və onun qabiliyyəti iqtisadi şəraitdən asılıdır.
 
 
CC - Emitent borc öhdəlikləri üzrə ödənişlərlə bağlı ciddi çətinlik çəkir.

 
C - Emitent borc öhdəlikləri üzrə ödənişlərlə bağlı ciddi çətinliklər çəkir, ola bilsin iflas proseduru başlasın.

Azerbaijan-Based Muganbank Downgraded To 'CCC+/C' On Precarious Liquidity; Outlook Negative

S&P Global Ratings today lowered

its long- and short-term counterparty credit ratings on Muganbank OJSC to

'CCC+/C' from 'B-/B'. The outlook is negative.

The downgrade reflects our view that Muganbank's credit profile--notably its

liquidity and capitalization--has deteriorated owing to unfavorable operating

conditions prevailing in Azerbaijan, particularly for midsize banks. We now

believe that the bank is dependent upon favorable business, financial, and

economic conditions to meet its financial obligations, and therefore, view its

stand-alone credit profile at 'ccc+'.

In 2016, Muganbank faced a material outflow of customer deposits, with a

decline of about 30%, adjusted for devaluation of the Azerbaijani new manat

(AZN). As a result, Muganbank's liquidity position came under significant

pressure, with highly liquid assets declining by 77% over the year to about

AZN14.5 million (about €7.6 million). As of Dec. 31, 2016, the liquidity

buffer net of restricted cash covered only 7.5% of customer deposits versus

24% a year earlier. While we note that the deposit outflows have moderated in

2017, the bank is left with a barely adequate liquidity buffer and with a more

concentrated depositor base, therefore further increasing risks.

Muganbank's asset quality also deteriorated in 2016: Nonperforming loans

increased to about 15% of its gross portfolio and the bank restructured

another 10% of loans. The bank had to recognize material credit losses,

causing cost-of-risk to peak at an excessive 8.0% for the year. This

development reflects Muganbank's business focus, including loans provided to

individual entrepreneurs, which suffered from the economic slump in Azerbaijan

and the manat devaluation last year. Although we expect that the growth of

nonperforming loans will slow in 2017-2018, we think that these loans will

reach 20% of the loan portfolio this year, with another 10%-12% of

restructured loans, therefore remaining below peer average.

We have revised our assessment of the bank's capital and earnings to weak from

moderate because we now forecast that the bank's risk-adjusted capital (RAC)

ratio will be in the range of 3.0%-3.8% in the next 12-18 months. We note that

the bank's capitalization came under pressure in 2016, when the RAC declined

to 4.7%. This reflected Muganbank's net loss of about AZN12 million and the

emergence of high tax losses, leading to a low capacity to absorb further

losses, in our view. We expect that Muganbank's capitalization will remain

under pressure over the next two years since we forecast that the bank will be

loss-making in 2017. We view positively Muganbank's shareholders' continued

support, including the AZN25 million injected in 2016 to support the bank's

capitalization.

The negative outlook reflects our view that Muganbank's ability to fulfil its

financial obligations will remain under pressure in the next 12 months.

We could lower the ratings by one or several notches if we saw that that the

bank's liquidity position had weakened further, so that there was a higher

probability of the bank defaulting on its financial obligations. A negative

rating action may also follow greater deterioration of the bank's capital and

risk profile, if the bank fails to reverse the current negative trend.

We could consider revising the outlook to stable or consider a positive rating

action, if we saw that Muganbank's liquidity had sustainably improved to an

extent that it had become less vulnerable to further deposit outflows and thus

less dependent on more favorable economic conditions to meet its financial

commitments.

© APA