Arminfo
2007-02-22 15:01:00

Armeconombank is first of Armenian banks to be rated by Moody’s agency

The Armeconombank OJSC is the first of the Armenian banks to be rated
by the Moody’s agency. ArmInfo has learnt from Russian banking sources
that the Moody’s Investors Service provided the Armeconombank with a
long-term and short-term foreign and national currency deposit rating
at B1/Non-Prime, and a financial stability rating at "E+". The
forecast on long-term deposit rating and financial stability rating is
"Stable".

According to the analysts of the Agency of Rating Marketing
Information (ArmInfo), the high ratings awarded to the Armeconombank
may be partially conditioned by its partnership relations with such
key institutional investors as the European Bank for Reconstruction
and Development, the International Finance Corporation, the
Commerzbank, the KfW. Besides, the branch network having 43
subdivisions, the firm positions in the consumer segment of market
(3rd place in the Armenian banking system), in financing the
industrial sector (4th place), and in the government securities market
(3rd place) also have a positive impact on the bank’s ratings. The
Armeconombank was the first of the Armenian banks to issue corporate
bonds. The bank holds the 5th place by attracting natural persons’
deposits. It has introduced modern methods of work regulation, and
strengthened the risk-management subdivisions.

To note, due to the "E+" financial stability rating, the Armeconombank
joined the list of the 143 banks provided with similar rating,
particularly, the Russian banks Renaissance Capital, Bank
St.Petersburg, Renaissance Capital, Gazbank, Impexbank, Uniastrumbank,
VTB 24, as well as some banks of Ukraine, Georgia and Azerbaijan. The
Moody’s B1 long-term foreign and national currency deposit rating was
awarded to the Russian Renaissance-Capital, Avtovazbank, the Ukrainian
Alpha Bank, Raiffesen Bank Aval, and some others.