CBA CHAIRMAN: MOODY’S "BA2" RATING IMPORTANT FOR ARMENIA

Arka News Agency, Armenia
July 25, 2006

YEREVAN, July 25. /ARKA/. While announcing the decision of the Moody’s
agency, Chairman of the Central bank of Armenia Tigran Sargsyan told
journalists that the Sovereign rating of "Ba2" in foreign and national
currencies, assigned to Armenia by the Moody’s, is of great importance
for the country for holding its position on the world financial map.

"It is necessary, since it is a signal for the investors of the
international market, showing the solvency of our country and its
financial state", Sargsyan emphasized, adding that the Moody’s rating
will enable international investors to efficiently estimate the level
of risks and work out accurate strategy for investing money into the
country. Sargsyan emphasized that it will also enable economies of
Armenia to appear on world financial market and find trustworthy
partners. "Getting the Moody’s rating of Ba2, Armenia surpassed
Georgia by two indexes, Turkey – by one index and appeared on equal
level with Azerbaijan", he said. In his turn Vardan Khachatryan, the RA
Minister of Finance and Economy, said that the Ba2 rating assigned to
Armenia by the Moody’s agency is one point higher, against the rating
assigned by the Fitch agency. "As compared to the Fitch’s rating
scale, the rating assigned by Moody’s corresponds to the ÂÂ level",
he clarified. On July 24, Moody’s Investors Service international
rating agency assigned to the RA Government "Ba2" sovereign ratings in
international and national currencies. On June 5, 2006, Fitch Ratings
assigned to the Republic of Armenia issuer default rating (IDR) of
"BB-" (BB minus) in foreign and national currencies, with Stabile
Outlook. Fitch also assigned to the republic a Short-term rating of
"B" and a Country Ceiling of "BB-"(BB minus). S.P.

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