Holding in Media

The international ratings agency Fitch Ratings ("Fitch") has upgraded the long-term foreign currency Issuer Default Rating (IDR) of PASHA Bank, one of Azerbaijan's largest banks, to 'BB-' from 'B+'. Fitch also affirmed PASHA Bank's short-term IDR at 'B' with a stable outlook.

Taleh Kazimov, Chairman of the Board at PASHA Bank, commented: "Fitch's upgrade is a strong signal that, despite the macroeconomic challenges currently facing the region, PASHA Bank is a dependable financial institution and a reliable partner of the real sector. We remain committed to supporting small- and medium-sized enterprises operating within the Azerbaijan-Turkey-Georgia economic triangle and to contributing to the diversification of Azerbaijan's economy."