BY MID-SEPT ARMECONOMBANK TO GET MOODY’S RATING
Yerevan, June 9. ArmInfo. By mid-Sept 2006 Armeconombank will get Moody’s
rating, says the chairman of th bank’s board Ashot Osipyan.
He says that the bank and Moody’s signed the relevant contract in late May.
The rating will allow the bank to further develop its cooperation with various
international structures as without rating it is almost impossible to enter
the international market.
The contract has followed Fitch Ratings’ giving Armenia the Issuer Default
Ratings BB- with stable outlook. To remind, Fitch has also given Armenia the
short-term sovereign rating in foreign currency B and country ceiling BB-.
Moody’s is the second agency to which the Armenian Government has applied
for sovereign rating. Osipyan says that Armenia has got quite a high rating
which is very good for the local banks for their talks on the international
market.