CENTRAL BANK OF ARMENIA REDUCE RATINGS OF 5 COMPANIES

ArmInfo
2009-04-30 14:58:00

Central Bank of Armenia revise the ratings of 11 companies. As CB press
service told ArmInfo, the ratings of 5 companies have been reduced,
those of 5 companies remained at the same level and the rating of 1
company has been stopped.

According to the source, CB did not change the ratings of 5
companies. So, the rating of "ArmRusgazprom" CJSC remained at "B" level
(the 2nd letter of the Armenian alphabet), which was assigned to the
Company in August, 2007. The rating of "Carcomauto" Ltd remained at
"G+" level (assigned in August, 2007), the rating of "Artsakhcement"
CJSC was preserved at "G+" level (assigned in March, 2008). The rating
of "Onix" CJSC remained at "G-" level (the 3rd letter of the alphabet),
which was assigned in December, 2007.

Along with it, the Central Bank revised the ratings of 5 companies
towards decrease. In particular, the rating of "Electric Networks of
Armenia" CJSC has been reduced from "B- " to "G+" (the 3rd letter of
the alphabet), "Yerevan Poultry Farm" OJSC – reduced from "G+" to "D-"
(the 4th letter of the alphabet), "Zovk Plant" OJSC – from "G-" to
"D+", "Royal Armenia" Ltd – from "G-" to "D+", "Armenian Molybdenum
Production" Ltd – from "B+" to "B".

Moreover, the Central Bank stopped the rating of "Mill AG" CJSC,
which was at "G-" level assigned in March, 2008, for the reason
of non-fulfillment of the term on assurance of circulation at the
minimum required level of 100 mln drams. On the initiative of the
Central Bank, the ratings of the companies, which do not publish the
ratings assigned to them, have been stopped.