Mediamax Agency, Armenia
Feb 23 2007

The Moody’s Rating brought `Armeconombank’ out on the world financial
map, CB Chairman thinks

Yerevan, February 23 /Mediamax/. Having been assigned a rating by the
Moody’s Investors Service, `Armeconombank’ will be able to attract
long-term assets at low interest rates.

Mediamax reports that the Executive Director of the Bank David
Sukiasian said this in Yerevan today, commenting on the `Moody’s
Investors Service’ Agency’s assigning an E+ financial stability
rating (stability forecast) and B1 on long-term deposits in drams and
in foreign currency to `Armeconombank’.

As the Chairman of the Central Bank of Armenia Tigran Sarkisian
stated, the assignation of a rating means that `from now on
`Armeconombank’ is displayed the world financial map’, and the
potential investors will be able to really assess the risk of the
bank.

According to the CB Chairman, receiving a rating also strengthens the
positions of `Armeconombank’ in the banking system of Armenia.

Mediamax recalls that in early November of 2006, the International
Fitch Ratings Agency assigned VTB-Armenia Bank (VTBA) ratings of
Issuer Default ‘BB’, Short-term ‘B’, Individual ‘D/E’ and Support
‘3’.

`ACBA-Credit Agricole Bank’ and `Inecobank’ informed Mediamax in an
interview in autumn of 2006 that they were holding negotiations with
Fitch Ratings and Moody’s Rating Agencies.
5 other Armenian banks (`Ararat Bank’, Armenian Development Bank,
`Prometey’ Bank, `ITB International Trade Bank’ and `Unibank’)
informed that they were planning to turn for a rating to
international rating agencies by the end of 2006 or in 2007.

In June 2006 Fitch assigned Armenia BB- (BB minus) sovereign credit
rating with a Stable Outlook. In mid August it revised upwards the
Country Ceiling for Armenia to BB level.

In July 2006, the Moody’s Investors Service International rating
agency assigned Armenia Ba2 rating.