INTERNATIONAL RATING BB+ ASSIGNED TO ARMENIAN CREDIT ORGANIZATION
Arka News Agency, Armenia
Nov 6 2006
YEREVAN, November 6. /ARKA/. The international rating BB+ has for the
first time been assigned to the Armenian credit organization "SEF
International Ltd.". The rating was assigned by the international
agency Microfinanza Rating.
"The credit organization’s rating is higher than Armenia’s sovereign
rating assigned by the international agency Fitch," SEF International
Ltd. told ARKA.
SEF international is the first credit company that was licensed by
the Central Bank of Armenia (CBA) and received an international rating
after licensing.
SEF International Ltd. Was founded in 1998 as a micro-financial credit
organization, which issued credits to private businessmen, small and
medium businesses, as well as to farms. The credit organization was
founded by the World Vision International NGO.
In April 2003, the CBA licensed SEF International as a universal
credit organization. SEF International is carrying out its activities
by means of its head office in Yerevan and two branches in Sisian
and Kapan (Syunik region).
According to the interim reports for the 3rd quarter of 2006, by
September 30, 2006, the organization’s assets had amounted to AMD
1,238mln, total capital AMD 543.5mln, balance profit AMD 112mln. In
January-September 2006, the organization’s profit totaled AMD 33.4mln.
Microfinanza Rating is an independent rating agency forming part of
the Italian consulting firm Microfinanza srl, working with banking
and micro-financial organizations with international shares. The
agency has a large number of clients in Eastern Europe, Balkans,
Mediterranean countries, Latin America, Asia and Central Africa.
Microfinanza Rating is certified by the World Bank and the EU.
In summer 2006, Fitch Ratings assigned Armenia an issuer defaulter
rating in foreign currency "BB", with a stable forecast, as well as
short-term rating "B" and the "country threshold" rating "BB".
Also, the international rating agency Moody’s Investors Service
assigned Ba2 sovereign foreign exchange rates to the Armenian
Government.