Fitch Ratings, the international ratings agency, said that it had withdrawn International Bank of Azerbaijan’s (IBA) $500 million senior unsecured notes following the completion of the bank’s debt restructuring and the settling of the issue on September 1.
The agency has not yet rated the new $1 billion senior notes due 2024 issued in part in exchange for the original notes and other senior obligations subject to the restructuring.
The agency expects to upgrade IBA’s Issuer Default Ratings (IDRs) and its Viability Rating upon obtaining sufficient information on the bank’s post-restructuring credit profile.
The restructuring plan was previously approved by an affirmative vote of holders of 93.9% of affected claims at the Claimant’s Meeting held on July 18 by the Financial Market Supervisory Authority of Azerbaijan on July 25 and by the Nasimi District Court in Baku at the hearing of the bank’s application that took place on August 17. (Trend/Business World Magazine)
Your advertisement under each post on this site. DETAILS