MOODY’S PRESERVES ARMECONOMBANK’S CREDIT RATING

ArmInfo
2009-12-03 19:59:00

ArmInfo. MOODY’S has preserved Armeconombank’s credit rating: "D-"
for financial stability and "Ba3" for GLC with "negative outlook,"
reports the press service of Armeconombank.

To remind, the rating was assigned in Apr 2007 and revised in Aug
2008 in the face of the crisis.

In Aug 2008 MOODY’S assigned "Ba1" GLC and "D-" financial stability
ratings to ACBA-Credit Agricole Bank (stable outlook), in Sept 2008
"Ba3" GLC and "D-" financial stability ratings to Anelik Bank and
in July 2009 "Ba3" GLC and "D-" financial stability ratings to
Ardshininvestbank (stable outlook).

In July 2009 FITCH assigned "B" long-term foreign and local currency,
"D" individual and "3" support ratings to ACBA-Credit Agricole Bank,
in June "BB+" long-term foreign and local currency, "B" shot-term
foreign and local currency, "D/E" individual and "3" support ratings
to VTB Bank Armenia.

In Mar 2009 AmRating/GlobalRating national rating agency assigned
"BB" rating and stable outlook to ARARATBANK, in June 2009 "BB+"
rating and stable outlook to Armeconombanbk and in June 2009 "BB+"
rating and negative outlook to Converse Bank.

There are 22 commercial banks in Armenia with most of them having no
ratings or preferring not to make them public. Experts say that not all
of the banks that have been assigned FITCH’s and MOODY’S ratings have
published their revised ratings and outlooks in the past crisis year.

From: Emil Lazarian | Ararat NewsPress