“AB`s Long-Term IDR of `BB+` and Support Rating of `3` reflect the moderate probability that the bank would receive support from the bank`s international financial institution (IFI) shareholders,” the report said.
“The European Bank for Reconstruction and Development, KfW, International Finance Corporation and the Black Sea Trade and Development Bank each hold a direct 20 percent stake in AB,” the report said. “A further 16.5 percent is held by Access Microfinance Holding, in turn also controlled by IFIs.”
According to the report, Fitch views the propensity of AB`s shareholders to provide support as high because of the IFIs` strategic commitment to microfinance lending in developing markets; the IFIs` direct ownership of AB, the significant integration of IFI guidelines into AB`s risk management; and Fitch`s expectation that a full exit of the IFIs from the bank in the next few years is unlikely.
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