CENTRAL BANK OF ARMENIA REDUCES RATINGS OF SOME COMPANIES
ArmInfo
2009-03-04 16:09:00
ArmInfo. Central Bank of Armenia has revised the ratings of some
companies.
In particular, the rating of seven companies was reduced, whereas
the rating of three companies was left unchanged. Armenian Central
Bank told ArmInfo the rating of the following companies was reduced:
Pure Iron Plant OJSC, Shen Concern CJSC, RENCO ARMESTATE LLC, Elite
Group CJSC, Electropribor JSC, Valletta LLC, Tigran Mets LLC. The
ratings of Ashtarak Kat CJSC (B+ since Dec 12 2007), Yerevan Beer
CJSC (B- since march 14 2008), and Antares LLC (C- since Dec 22 2007)
were left unchanged.
The source reported that the Bank reduced the rating of Pure Iron
Plant OJSC from ‘B+’ to ‘C+’ and that of RENCO ARMESTATE LLC from
‘B-‘ to ‘C+’ after these companies violated the CB’s requirements to
provide documents on financial audit for 2008 before Jan 31 2009. The
audit is made by an independent audit organization or a member of
such organization, part of top six audit companies in the world.
Rating of CJSC Elite Group was reduced from ‘C+’ (June 7 2007) to ‘C
‘. Electropribor JSC rating was reduced from ‘C-‘ (June 7 2007) to
‘D’. Valletta LLC rating was reduced from ‘B-‘ (Oct 23 2007) to ‘C+’.
The rating of Tigram Mets LLC was reduce d from ‘B-‘ to ‘C+’ and that
of Shen Concern CJSC from ‘B’ (Oct 23 2007) to ‘B-‘.
Armenia-Lada CJSC is no longer rated since it cancelled the contract
with CJSC Avtovaz. Earlier, Armenia-Lada was assigned rating ‘C-‘
(Aug 7 2007).
By the latest data of the Armenian Central Bank, a total of 37
companies were assigned ratings: two companies – ‘B+’, two companies –
‘B’, six companies – ‘B-‘ , 12 companies ‘C+’, five companies ‘C’,
eight companies – ‘C-‘, one company ‘D+’ and another company ‘D’.
From: Emil Lazarian | Ararat NewsPress
