Advantage of Global Rating Group is that it sets up national rating
agencies: Armenian CB President
arminfo
2007-06-22 20:00:00
Global Rating Group has an advantage over other big international
rating agencies, Chairman of the Central Bank of Armenia Tigran
Sargsyan said during today’s press-conference on Ararat Bank’s
receiving rating from Global Rating Group.
He said that the advantage is that Global Rating Group sets up national
agencies. In Armenia it has set up AmRating agency and has recruited
local experts who are well aware of the peculiarities of the local
market and have all necessary information for deep effective analysis
and timely reporting. Bank ratings make it easier for clients and
financial market players to choose among banks and foster the
development of market infrastructures.
Sargsyan said that Ararat Bank has all capacities to raise its rating.
He said that Global Rating Group may assign ratings to some other
Armenian banks.
Presently, Armenian banks cooperate with such big rating agencies as
Fitch and Moody’s. Standard&Poor’s is showing interest in the Armenian
market.
President of Global Rating Group Richard Hainsworth said that foreign
experts analyze the activities of national banks according to their own
criteria. As a result, their assessments strongly differ from those
made by local experts. That’s why Global Rating Group prefers setting
up national rating agencies and enrolling local experts.
Each country should have its national rating agency. This helps to make
local banks transparent, to enlarge clientele and to attract foreign
investors, Hainsworth said.
To note, AmRating is an independent rating agency in Armenia. It is a
part of the Global Rating Group. The AmRating agency started its work
in December 2006. The agency focuses on awarding ratings to
banks and researching the banking sector. The mission of AmRating is to
contribute to creation of a reliable, honest and transparent financial
market. The key tasks of the agency are to lobby the
advantages of the national rating, to provide the market with objective
analysis of the companies’ activities, to single out the companies with
successful management and strong corporate administration, to emphasize
the risks of weak management and bad corporate administration.
From: Emil Lazarian | Ararat NewsPress
